ADR REPORT-Chinese gains lift ADRs; BHP results a drag
NEW YORK |
NEW YORK Feb 8 (Reuters) - U.S.-listed shares of overseas companies edged higher on Wednesday following gains in Chinese stocks, while an unusual drop in earnings from global miner BHP Billiton drove mining ADRs lower.
BHP Billiton, the world's biggest miner, said its results were hurt by labor battles and weaker commodity prices, and its shares fell 1.3 percent to $60.79 in New York.
Shares of other mining companies also declined, including Brazil's Vale, which ended down 0.3 percent at $26.42, and Peru's Buenaventura, down 1.1 percent at $41.47. Shares of Canada's Ivanhoe Mines were down 1.9 percent at $16.47.
The price of copper, among the materials BHP mines, rose on Wednesday, however, after China's central bank pledged support for its property market, which helps drive demand for the metal.
Among U.S.-listed Chinese shares, energy companies were among the strongest performers. PetroChina gained 2.2 percent to $153.23 while shares of China Petroleum & Chemical climbed 2.1 percent to $122.70.
Other top gainers in that market included China Life Insurance Co Ltd, which rose 2.6 percent to $45.01.
Brent crude oil prices rose on hopes that a deal to bail out debt-strapped Greece was near. Brent March crude gained 97 cents, to settle at $117.20 a barrel, a seventh straight gain.
The BNY Mellon index of leading American Depositary Receipts rose 0.2 percent, while the Standard & Poor's 500 index also gained 0.2 percent.
The BNY Mellon index of leading European ADRs was up 0.1 percent, while the FTSEurofirst 300 index of top shares closed down 0.2 percent.
The BNY Mellon index of leading Asian ADRs rose 0.7 percent and the BNY Mellon index of leading Latin American ADRs was up 0.1 percent.
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