ADR Report-Foreign shares up on strong oil, weak dollar
NEW YORK, Sept 16 |
NEW YORK, Sept 16 (Reuters) - Overseas shares traded in the United States rose on Wednesday as a weak dollar made equities priced in the greenback more attractive to investors, while a jump in oil prices gave further boost to energy stocks.
New York-listed shares of China Petroleum (SNP.N) rose 2.8 percent to $89.87 while Petroleo Brasil (PBR.N) gained 2.2 percent to $45.45.
U.S.-traded shares of BP Plc (BP.N) rose 0.94 percent to $54.63 and Repsol REP.N climbed 1.8 percent to $27.52.
Oil prices CLc1 rose $1.58 to settle at $72.51 a barrel on Wednesday, adding to the previous session's $2.07 gain.
The dollar dropped to near one-year lows against the euro and a basket of currencies as optimism about a global economic recovery eroded demand for the greenback as a safe haven. The ICE Futures U.S. dollar index .DXY, which tracks the dollar against a basket of six other major currencies, fell as low as 76.151, its weakest in nearly a year. For details, see [ID:nN16134826]
The Bank of New York Mellon index of leading American Depositary Receipts (ADRs) .BKADR gained 1.84 percent while the U.S. benchmark S&P 500 index .SPX rose to a fresh 2009 high, up 1.46 percent.
The Bank of New York Mellon index of leading Asian ADRs .BKAS gained 1.83 percent while the European ADRs .BKEUR rose 1.5 percent.
Gains were somewhat capped for Asian stocks as Japanese manufacturers such as bellwether Toyota Motor Corp (TM.N) fell 0.5 percent to $82.32, hurt by a nearly 1 percent gain in the Japanese yen.
U.S.-listed shares of European banks were also big gainers, with Barclays PLC (BCS.N), up 3.4 percent at $25.39 and HSBC Holding (HBC.N), up 4.4 percent at $57.95.
Receipts with the Bank of New York Mellon index of leading Latin American ADRs .BKLA gained 2.5 percent.
Shares of Anheuser-Busch InBev NV (BUD.N) began trading in New York on Wednesday, 10 months after Belgium's InBev acquired the iconic U.S. brewer and moved its primary listing to Brussels. The ADRs rose 1.5 percent to $46.95. (Editing by Leslie Adler)
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