ADR REPORT-Cemex shares jump; gold companies also gain
NEW YORK |
NEW YORK Aug 22 (Reuters) - U.S.-listed shares of overseas companies were nearly flat on Wednesday, though shares of Mexican cement company Cemex jumped on news of a refinancing deal.
Cemex was up 4.3 percent at $8.19 in New York after on news that it is nearing the conclusion of a long-awaited refinancing deal and wants to sell a minority stake in a Latin American unit.
ADRs cut losses in afternoon trading after minutes from the latest meeting of the Federal Reserve indicated the central bank was ready to pull the trigger on another round of stimulus.
The news also boosted gold prices, with the precious metal rising above $1,650 an ounce for the first time since early May after the Fed news.
Shares of gold companies climbed including Canada's Goldcorp , up 2.6 percent at $40.28; Kinross Gold Corp, up 3.1 percent at $8.75 and South Africa's Harmony Gold Mining Co , up 2.3 percent at $9.75.
Earlier in the day, Japanese trade data weighed on the market, with figures showing Japan's exports slumped the most in six months in July as sales to a debt-ridden Europe and a sluggish China dropped.
Among the day's decliners, shares of Japan's Panasonic slipped 0.7 percent to $30.53, while shares of Sony Corp were down 1.2 percent at $11.81 and shares of Canon were down 0.9 percent at $34.02.
The BNY Mellon index of leading American depositary receipts was down 0.1 percent, while the Standard & Poor's 500 index was up 0.03 percent.
The BNY Mellon index of leading European ADRs was down 0.2 percent, while the FTSEurofirst 300 index of top shares ended down 1.2 percent.
The BNY Mellon index of leading Asian ADRs was down 0.1 percent and the BNY Mellon index of leading Latin American ADRs was up 0.02 percent.
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