ADR Report:Shares Up On Hopes Greece Will Survive Confidence Vote
21 Junio 2011 - 4:27PM
Noticias Dow Jones
International companies trading in New York closed higher
Tuesday, in line with the broader market, as shares were buoyed by
hopes that Greece's government will survive a crucial
confidence.
The Bank of New York index of ADRs ended up 1.8% at 139.50.
European bank shares ended higher amid expectations surrounding
the Greek vote, anticipated around midnight Athens time. Prime
Minister George Papandreou faces a parliamentary vote of
confidence, which he must successfully negotiate before trying to
push through a new package of austerity measures.
France's Societe Generale SA (SCGLY, GLE.FR) finished 4.5%
higher at $11.54. Deutsche Bank AG (DB, DBK.XE) rose 3.5% to
$59.40.
National Bank of Greece SA (NBG, ETE.AT) rose 5.3% to $1.40.
Fitch Ratings said Tuesday a restructuring or rollover of Greece's
debt won't automatically trigger a default by the country's major
banks, as any ratings actions will depend on the impact of such an
occurrence on the liquidity of the Greek banking system.
The European index rose 2% to 129.68.
Cruise-line operator Carnival Corp.'s (CUK, CCL.LN) shares rose
4.2% to $37.87 after it said its fiscal second-quarter earnings
fell a less-than-expected 18%.
Swiss agrochemicals giant Syngenta AG's (SYT, SYNN.VX) shares
climbed 4.2% to $66.57 after it said soaring demand for seeds and
pesticides should help it more than double revenue generated from
its main seed and crop protection products in the next few
years.
BP PLC (BP, BP.LN) rose 3.7% to $43.40 after its chairman said
he thinks permission to restart oil production in the Gulf of
Mexico is not too far away.
The Latin American index increased 1% to 395.23.
Telefonos de Mexico (TMX, TELMEX.MX) rose 2% to $16.31 after
S&P Equity Research raised its stock-investment rating on the
shares to hold from sell, citing valuation following the stock's
decline since the end of April. The firm now sees the shares
"fairly valued and supported by a dividend," as its
price-to-earnings ratio represents a discount to its peers.
Brazilian state-run electricity company Centrais Electricas
Brasileiras SA (EBR, ELET6.BR) finished 1.4% higher at $13.25 after
it reported its first-quarter profit rose amid higher revenue.
The Asian index rose 1.8% to 133.57.
Chinese Internet search provider Baidu Inc.'s (BIDU, K3SD.SG)
shares rose 8% to $127.71 after it said China Real Estate
Information Corp. (CRIC) will pay it CNY180 million over three
years under an expanded strategic agreement.
Ambow Education Holding Ltd. (AMBO) climbed 5.8% to $5.82 after
a Signal Hill analyst said U.S.-listed companies present a buying
opportunity for education providers. The analyst said Ambow's stock
has been pressured by wariness of Chinese small- and mid-caps.
The emerging markets index gained 1.8% to 326.07.
South Korean steelmaker Posco (PKX, 005490.SE) rose 5.6% to
$102.41 after an official said the acquisition of land for a steel
plant was delayed only temporarily by heavy rain as well as
protests by villagers opposed to the factory being set up in the
area.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
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