ADR Report: Shares Lower As Euro Zone Worries Grow
May 02 2012 - 5:19PM
Dow Jones News
International companies trading in New York closed lower
Wednesday, in line with the broader market, as economic data from
the euro zone weighed on sentiment.
The Bank of New York index of ADRs slumped 0.7%, to 126.45, as
European banks fell.
The seasonally adjusted unemployment rate in the 17-nation euro
zone rose to 10.9% in March, a euro-era high, from 10.8% in
February. Meanwhile, euro-zone manufacturing activity shrank in
April at a faster pace than previously estimated.
Spain's Banco Santander (STD, SAN.MC) slumped 5.6%, to $6.03, as
the weak euro-zone data escalated concerns about the economic
crisis on the continent and particularly recession-plagued
Spain.
Other banks in the region also traded down, with Credit Agricole
SA (CRARY, ACA.FR) falling 5%, to $2.46, and BNP Paribas SA (BNPQY,
BNP.FR) losing 2.2%, to $19.94.
The European index declined 1%, to 115.94.
Daimler AG (DDAIF, DAI.XE) Chief Financial Officer Bodo Uebber
Wednesday dismissed recent media reports suggesting the German auto
maker strengthened its defense strategy against a possible takeover
and reiterated the company won't spin off its truck division in the
foreseeable future. Shares of the German car maker slipped 2.3%, to
$54.71.
Offsetting those losses, however, was Technicolor SA (TCLRY,
TCH.FR), which jumped 33%, to $2.46. French sovereign fund Fonds
Strategique d'Investissement, or FSI, together with another
investor, might buy a stake in Technicolor, a troubled cinema
production services provider and manufacturer of TV set-top boxes,
said Industry Minister Eric Besson Wednesday in a statement.
The Asian index fell 0.2%, to 126.16.
SK Telecom Co. (SKM, 017670.SE), South Korea's largest mobile
carrier by subscribers, said Wednesday its first-quarter net profit
fell, as lower phone fees and higher spending on faster network
technology hurt its bottom line. Shares dropped 0.8%, to
$13.48.
Tata Motors Ltd. (TTM, 500570.BY) shares fell 4.1%, to $28.66,
after the Indian car maker's local sales in April fell 5%.
The Latin American index dropped 0.3%, to 352.97.
Gerdau SA's (GGB, GGBR3.BR, GGBR4.BR) shares ended down 1.2%, at
$9.34, as Barclays Capital said the steelmaker is set to report
weak first-quarter results on depressing margins from its Brazilian
unit. The unit may report declining EBITDA margin, hurt by
disruptions at its iron ore business on heavy rains in January and
cost pressures, mainly in coking coal, Barclays said.
The emerging markets index inched up 0.1%, to 298.44.
Shinhan Financial Group (SHG, 055550.SE) Wednesday reported a
smaller-than-expected 10.6% on-year fall in its first-quarter net
profit as it set aside more in loan-loss provisioning. Shares rose
0.9%, to $70.34.
Offsetting those gains was Russian metals and mining company
Mechel OAO (MTL, MTLR.RS), which said late Tuesday it has failed to
file its annual report for 2011 on time as its management was busy
with talks with the company's lenders on changing loans conditions.
Shares fell 4.5%, to $8.24.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
Mechel PAO (NYSE:MTL)
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