ADRs End Slightly Higher; AB InBev and JD.com Trade Actively
March 02 2018 - 6:17PM
Dow Jones News
International stocks trading in New York closed slightly higher
Friday.
The BNY Mellon index of American depositary receipts rose 0.2%
to 151.67. The European index increased 0.2% to 137.30. The Asian
index rose 0.4% to 183.21. The Latin American index added 0.03% to
273.16, and the emerging-markets index gained 0.04% to 339.49.
Anheuser-Busch InBev (BUD) and JD.com Inc. (JD) and Dunxin
Financial Holdings Ltd. (XNY) were among those with ADRs that
traded actively.
Belgium-based AB InBev has proven it can be a shrewd dealmaker
and effective cost cutter, but now it needs to drive up revenue and
make its brands more appealing, says Jefferies. A cyclical recovery
in emerging markets will help, but Jefferies says the group needs
to shift its focus toward a "consumer pull" rather than a
"distribution push." Jefferies says the integration of SABMiller
should give the company the tools its needs to get started, but
results won't be immediately apparent, as the first quarter is
likely to be fairly weak. Jefferies increases its target price to
EUR100 from EUR98. ADRs of AB InBev rose 1.1% to $110.63.
Chinese e-commerce company JD.com on Friday reported a narrower
fourth-quarter net loss and said it expects revenue for the first
quarter of 2018 to be up to 33% higher than the same period in
2017. The U.S.-listed Chinese online retailer saw a quarterly loss
of 909.2 million Chinese yuan ($142.2 million), or CNY0.64 per ADS,
compared with a loss of CNY1.72 billion, or CNY0.89, for the same
period last year. Excluding items, the company reported an adjusted
profit from continuing operations of CNY0.31 per ADS for the
quarter, compared with CNY0.54 a year earlier. Sales rose to
CNY110.17 billion, from CNY79.4 billion for the fourth quarter
ended Dec. 31, 2016. ADRs of JD.com fell 5.2% to $43.80.
China Xiniya Fashion Ltd. (XNY) announced Friday that
shareholders approved on Thursday changing the company's corporate
name to "Dunxin Financial Holdings Limited." The company has
reserved the ticker symbol "DXF," which will be effective as of the
market open on March 5. ADRS of Dunxin Financial rose 2.6% to
$5.15.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
March 02, 2018 18:02 ET (23:02 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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