ADR REPORT: Shares Up As Spanish, Italian Borrowing Rates Fall
April 11 2012 - 5:13PM
Dow Jones News
International companies trading in New York closed sharply
higher Wednesday, in line with the broader market, following a drop
in Spanish and Italian government borrowing rates.
The Bank of New York index of ADRs rose 1.1% to 124.94.
Bond yields in Italy and Spain fell after a member of the
European Central Bank's policy-making council sparked speculation
about a restart of the bank's bond-buying program.
Spanish banks Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC)
jumped 5.2% to $7.14 and Banco Santander SA (STD, SAN.MC) rose 2.9%
to $6.70.
Deutsche Bank AG (DB, DBK.XE) gained 3.6% to $45.06 and ING
Groep NV (ING, INGA.AE) climbed 3.7% to $7.26.
The European index added 1% to 113.88.
UBS upgrades Telefonica SA (TEF, TEF.MC) to neutral from sell,
saying the shares have underperformed the telecommunications sector
and European market and are "no longer at a premium." Shares of the
Spanish company rose 2.3% to $15.40.
Volkswagen (VOW.XE, VLKAY) advanced 3.4% to $30.75 after
reporting a 15% rise in global car sales for its VW passenger car
brand. That helped lift shares of Daimler (DDAIY, DAI.XE) 2.6% to
$54.35.
Offsetting those gains was Nokia Corp. (NOK, NOK1V.HE), whose
shares plunged 16% to $4.24 after the telecom firm lowered its
first-quarter outlook for its Devices & Services business.
The Asian index climbed 1.5% to 125.52 as solar companies
jumped.
LDK Solar Co. Ltd. (LDK) traded up 4.3% to $3.37, Suntech Power
Holdings Co. (STP, K3ND.SG) surged 7.9% to $2.73, Trina Solar Ltd.
(TSL, K3KD.SG) soared 6.1% to $6.75 and Yingli Green Energy Holding
Co. (YGE) added 4.8% to $3.49.
The Latin American index gained 0.7% to 354.25 and the emerging
markets index ended up 0.9% at 295.46.
Companhia Paranaense de Energia (ELP, CPLE5.BR, CPLE6.BR), the
Brazilian electric utility known as Copel, is studying the purchase
of assets from rival Grupo Rede, which is going through
difficulties and may be broken up, the InfoMoney news agency
reported Wednesday. Shares of Copel added 1.2% to $23.82.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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