ADR Report: Strong Earnings Results Help Lift Shares
February 23 2012 - 5:01PM
Dow Jones News
International companies trading in New York closed higher
Thursday, in line with the broader market, boosted by strong
quarterly earnings results.
The Bank of New York index of ADRs climbed 0.6% to 132.46.
Ensco PLC's (ESV) stock jumped 4.5% to $59.05 as its
fourth-quarter results topped analysts' estimates. Adding new
ultra-deepwater rigs to its active fleet, a higher deepwater
segment utilization and average day rates and an increase in jackup
segment utilization contributed to the strong revenues.
Xinyuan Real Estate Co.'s (XIN) fourth-quarter revenues jumped
46% as contract sales and floor sales increased while expenses
ticked down. Shares of the residential real estate developer, which
focuses on Tier II cities in China, rose 3.2% to $2.57.
The European index rose 0.9% to 121.32.
Allianz SE (AZSEY, ALIZF, ALV.XE), Europe's biggest primary
insurer by market capitalization, on Thursday said that a solid
performance on the operating level enabled it to keep its dividend
for 2011 stable despite a 50% decline in net profit for the year.
Allianz shares climbed 2.5% to $11.97.
The Latin American index added 0.2% to 380.71.
Mexican construction firm Empresas ICA SAB (ICA, ICA.MX) said
Thursday it has signed a contract worth 2.01 billion pesos ($157
million) to build a two-lane highway in the Pacific Coast state of
Nayarit. Shares gained 5% to $7.93.
UBS raised its recommendation on shares of Mexican corn miller
and tortilla maker Gruma SAB (GMK, GRUMA.MX) Thursday to buy from
neutral, citing improving trends seen in the company's
fourth-quarter earnings results. Shares of Gruma traded 5.1% higher
to $9.50.
The Asian index slipped 0.1% to 130.18 and the emerging markets
index fell 0.2% to 313.86 as solar companies tumbled for the second
day in a row.
Trina Solar Ltd. (TSL, K3KD.SG) swung to a wider-than-expected
fourth-quarter loss as the Chinese solar-products maker reported
sharply lower sales and margins plunged. Trina Solar's stock
dropped 12% to $8.63. The results also weighed on peers, with
Yingli Green Energy Holding (YGE), which lowered its forecast for
fourth-quarter shipments and gross margins on Wednesday, also fell,
off 11% at $3.85. Hanwha SolarOne Co. (HSOL) fell 9.2% to $1.77 and
JA Solar Holdings Co. (JASO) declined 6.7% to $1.94.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143;
corrie.driebusch@dowjones.com