ADR Report: Shares Up Following European Government Debt Auctions

Date : 04/24/2012 @ 5:24PM
Source : Dow Jones News
Stock : Gol Linhas Aereas Inteligentes S.A. Sponsored Adr Representing 2 Pfd Shares (GOL)
Quote : 12.03  -0.56 (-4.45%) @ 12:05AM
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ADR Report: Shares Up Following European Government Debt Auctions

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International companies trading in New York closed higher Tuesday, in line with the broader market, as relatively well-received government-debt auctions in Europe helped improve sentiment.

The Bank of New York index of ADRs rose 0.5% to 125.41, boosted by gains in European bank shares.

Banks gained following a series of decent euro-zone government debt auctions, including in the Netherlands, where the coalition government has collapsed over failed budget talks.

Barclays PLC (BCS, BARC.LN) gained 2% to $13.59, Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) added 2.3% to $6.74 and Banco Santander SA (STD, SAN.MC) ended up 1.8% at $6.35.

The European index climbed 0.6% to 114.91.

Reed Elsevier NV (ENL, REL.LN), the professional information company, said Tuesday that underlying growth rates in the first quarter were consistent with the 2011 full year trends, adding that 2012 is on track to be another year of underlying revenue and profit growth amid organic investment and portfolio adjustment. Shares traded up 1.4% to $24.10.

The Latin American index added 0.2% to 352.53.

Gol Linhas Aereas Inteligentes SA (GOL, GOLL4.BR), Brazil's second-biggest airline, denied a local press report on Tuesday that it was in talks with Delta Air Lines Inc. (DAL) to sell a bigger stake to the U.S. company. Shares still rose 4.4% to $5.43. According to local newspaper Folha de S. Paulo, Delta and Gol were in talks to increase Delta's stake in the Brazilian company to 20%, the newspaper reported in its Tuesday edition.

The Asian index gained 0.5% to 125.05 and the emerging markets index rose 0.2% to 293.69.

Flat-panel maker LG Display Co. (LPL, 034220.SE) said Tuesday that it stayed in the red for a third consecutive quarter, hurt by continued sluggish demand for television panels, but added it's now seeing green shoots of recovery and may swing back to profit in the current quarter. Shares added 2.2% to $11.79.

-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;

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