ADR Report: Shares Lower After Disappointing Spanish Bond Auction
April 04 2012 - 05:32PM
Dow Jones News
International companies trading in New York traded sharply lower
Wednesday, in line with the broader market, weighed down by a
disappointing Spanish bond auction.
The Bank of New York index of ADRs tumbled 2.2% to 127.44 as
investors grew more concerned about Spain's rising debt burden. An
auction of Spanish government debt fell short of expectations,
selling just EUR2.589 billion ($3.43 billion) worth of bonds at the
bottom of its planned range, and at yields that were well above
previous auctions.
European financials, which traded down on Tuesday, extended
their declines.
Credit Suisse Group AG (CS, CSGN.VX) shed 3.3% to $27.02, ING
Groep NV (ING, INGA.AE) ended off 5.3% at $7.58 and BNP Paribas SA
(BNPQY, BNP.FR) lost 4.5% to $21.83.
The European index dropped 2.2% to 116.64.
The world's largest waste and water utility, Veolia
Environnement SA (VE, VIE.FR), said Wednesday it has opened
negotiations with state-owned financial institution Caisse de
Depots et Consignations to take over Marseille-based ferry operator
SNCM, as part of a broader plan to cut debt through asset sales.
Veolia plans to buy CDC's indirectly held 33% stake in SNCM. Veolia
slipped 5.1% to $14.98.
The Asian index shed 1.9% to 126.86.
The South Korean government is open to merging Woori Finance
Holdings (WF, 053000.SE) with another financial company, a senior
official at the financial regulator said, thus creating a megabank.
It is also looking at selling its US$5.5 billion stake in the
country's biggest financial holding firm, the senior official at
the Financial Services Commission in charge of Woori's
privatization told Dow Jones Newswires. Woori's stock fell 2% to
$35.25.
The Latin American index declined 2.2% to 361.31.
Argentina's Neuquen province has revoked oil and gas concessions
held by three companies, including Petrobras Argentina SA (PZE,
PESA.BA), in a broader dispute over investment in exploration and
production. Shares of Petrobras Argentina tumbled 7.5% to
$11.56.
The emerging markets index fell 1.9% to 300.17 as the price of
gold ended at 12-week lows.
South African gold miners AngloGold Ashanti Ltd. (AU, ANG.JO)
dropped 4.7% to $34.35 and Gold Fields Ltd. (GFI, GFI.JO) tumbled
6% to $12.80.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com
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