ADR Report: Shares Higher On Strong Earnings Reports
February 28 2012 - 5:06PM
Dow Jones News
International companies trading in New York closed higher
Tuesday, in line with the broader market, ahead of the European
Central Bank's second offer of three-year loans to banks on
Wednesday.
The Bank of New York index of ADRs rose 1% to 133.63, lifted by
solid fourth-quarter results.
AutoNavi Holdings Ltd.'s (AMAP) shares jumped 6.3% to $11.56 as
its fourth-quarter results topped Wall Street's expectations.
Luxottica Group SpA (LUX, LUX.MI) rode booming business in
emerging markets to beat expectations with fourth-quarter net
profit up 31% to EUR72.7 million. The late-year surge in both
revenue and profit prompted the eyewear maker to raise its
dividend. Shares of Luxottica gained 2% to $34.54.
The European index climbed 0.7% to 121.79.
Irish budget airline Ryanair PLC (RYA.DB, RYAAY) has launched a
multimillion-euro lawsuit against Exxon Mobil Corp. (XOM), accusing
the world's second-largest oil company of overcharging it for
aviation fuel, the Guardian reported Tuesday. Shares of Ryanair
closed up 1.8% at $33.82.
The Asian index advanced 1.4% to 132.32.
JA Solar Holdings Co. (JASO) reported a
much-stronger-than-expected shipment total, a sign that things may
be looking up for the solar sector. There are still some demand
worries with subsidy cuts in Germany, but JA Solar shares added
2.7% to $1.91. Suntech Power Holdings Co. (STP, K3ND.SG) gained
4.8% to $3.29 and Hanwha SolarOne Co. (HSOL) ended up 3.7% at
$1.70.
China Southern Airlines Co. (ZNH, K3TD.SG, 600029.SH, 1055.HK)
said Tuesday it has agreed to buy 10 aircraft from Boeing Co. (BA)
with a combined list price of US$2.98 billion, as it expands its
capacity to meet growing demand for air travel in China. Once all
the aircraft have been delivered, the airline's available ton
kilometers--a measure of capacity--will increase by 7.9% from the
end of December 2011, it said. Shares of China Southern added 2.9%
to $24.92.
The Latin American index ended up 1.6% at 386.97.
Brazil's domestic air traffic expanded 7.77% on year in January,
as more Brazilians took to the skies amid record-low unemployment
and higher wages, the country's National Civil Aviation Agency, or
Anac, said Tuesday. Tam SA (TAM, TAMSY, TAMM4.BR) and low-cost
carrier Gol Linhas Aereas Inteligentes SA (GOL, GOLL4.BR) once
again took the lion's share of the domestic travel market, together
accounting for around 75% of all domestic flights. Shares of TAM
rose 3.3% to $23.89 while Gol's stock climbed 6.6% to $9.04.
The emerging-markets index gained 1.5% to 318.31.
Vedanta Resources PLC's (VED.LN) merger of Sterlite Industries
(India) Ltd. (SLT, 500900.BY) and Sesa Goa Ltd. (500295.BY) is
"likely to proceed despite minority concerns," said Deutsche Bank,
adding that benefits outweigh negatives. Sesa shareholders would
move from owning iron-ore leverage to owning a more-diversified
company with aluminum exposure. Shares of Sterlite rose 2.5% to
$9.80.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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