ADR Report: Shares Up Following European Government Debt Auctions
April 24 2012 - 5:24PM
Dow Jones News
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;
corrie.driebusch@dowjones.com
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