ADR Report: Shares Up As Investors Shrug Off Euro Fears
January 09 2012 - 5:42PM
Dow Jones News
International companies trading in New York closed higher Monday
as hopes for the impending U.S. earnings season overpowered a batch
of unsettling headlines from Europe.
The Bank of New York index of ADRs climbed 0.4% to 120.83,
fueled by positive corporate news from outside the financial
sector.
Daimler AG (DDAIY, DAI.XE) Chief Executive Dieter Zetsche said
the German maker of Mercedes-Benz luxury cars might exceed an
anticipated overall market growth of around 4% this year and
expects to maintain its profitability level. Rising demand in
emerging markets and gains in the U.S. are expected to drive growth
this year, Zetsche told reporters. Shares of Daimler gained 1.6% to
$47.05.
Spain's Banco Santander SA (STD, SAN.MC) may sell more non-core
assets in order to reach core capital requirements of 10% by June,
including its European insurance business, Chief Financial Officer
Jose Antonio Alvarez said Monday. Shares rose 0.9% to $6.97.
The European index rose 0.2% to 111.88.
Exane BNP Paribas upgraded National Grid PLC (NGG, NG.LN) to
outperform from neutral, saying it sees further upside for the
stock despite a strong share-price performance in 2011. The firm
said the company's "prospects for value creation are unmatched by
many of its European peers," and a new regulatory framework in its
U.K.-regulated activities from March 2013 should be a supportive
source of re-rating for the stock. Shares gained 3% to $48.51.
Deutsche Bank upgraded InterContinental Hotels (IHG, IHG.LN) to
buy from hold, noting that the company has significant U.S.
exposure and a strong balance sheet that allows it to pursue
acquisitions while still offering a special dividend. Shares
increased 2% to $18.64.
The Asian index added 0.5% to 116.36, as the emerging markets
index climbed 1.2% to 283.17.
Chinese and Hong Kong stocks surged on Monday as hopes that
Beijing may soon relax its monetary policies to support economic
growth spurred strong buying across sectors. Most emerging-market
currencies were stronger after euro-zone concerns that resurfaced
earlier in the day tapered off.
Mindray Medical International Ltd. (MR, K3QD.SG) forecast upbeat
2011 earnings as the Chinese medical-device company said it saw
strong sales in China despite a challenging global economy. The
company expects to bring in $878 million in revenue for 2011, above
estimates of $856 million from analysts polled by Thomson Reuters.
Mindray Medical shares climbed 6.2% to $27.98.
WuXi PharmaTech (Cayman) Inc. (WX) estimated it will slightly
exceed the high end of its revenue guidance for the year,
continuing the company's streak of strong sales. Shares rose 2% to
$12.21.
Mitsubishi UFJ Trust and Banking Corp. plans to invest up to
Y150 billion in European and U.S. asset-management firms over a
three-year period starting in fiscal 2012, Nikkei reported early
Tuesday. The Mitsubishi UFJ Financial Group Inc. (MTU, 8306.TO)
unit plans to leverage the strong yen to pursue acquisitions as its
sees strong growth potential overseas. Shares of the parent company
finished up at 1.4% to $4.30.
The Latin American index advanced 1.6% to 341.74.
The Brazilian real strengthened Monday. After the currency
performed poorly last week, traders saw little room for the real to
continue sliding, as chances increase of the central bank
intervening should the real weaken beyond 1.90 per dollar. Relative
calm in Europe over the weekend also helped the real rebound. This
helped Brazil's largest companies rally, including mining company
Vale SA (VALE, VALE5.BR), whose shares rose 0.6% to $22.50 despite
heavy rains leading to "momentary halts" in production.
Brazilian airlines Gol Linhas Aereas Inteligentes (GOL,
GOLL4.BR) and Tam SA (TAM, TAMM4.BR) also climbed despite
market-share losses in November as smaller rivals gained, civil
aviation agency Anac said Monday. Shares of Gol Linhas Aereas
closed 1.9% higher at $6.62, and Tam finished 0.9% higher at
$19.66.
-By Maya Pope-Chappell, Dow Jones Newswires; 212-416-3670;
Maya.pope-chappell@dowjones.com
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