ADR REPORT-Rio Tinto, commodity-related shares climb
NEW YORK Nov 29 (Reuters) - U.S.-listed shares of overseas companies climbed on Thursday, with commodity-related shares jumping with oil and metals prices and as Rio Tinto said it would cut $7 billion in costs over the next two years.
Shares of Australian miner Rio Tinto were up 4.4 percent at $49.47 in New York. The company said it would also sell more assets, in a move offset weaker commodity prices.
Metals prices were higher on Thursday, with copper hitting its highest in more than a month. Spot gold was up 0.4 percent at $1,725.76 an ounce. In the oil market, Brent futures rose $1.25 to settle at $110.76 a barrel.
Shares of global miner BHP Billiton were up 1 percent at $72.04 while shares of Brazilian miner Vale were up 1.8 percent at $17.59. Shares of South Africa's AngloGold Ashanti were up 2.9 percent at $31.55 and shares of Gold Fields were up 5.7 percent at $12.52.
Among energy companies, shares of Brazil's Petrobras were up 0.3 percent at $18.45.
The BNY Mellon index of leading American depositary receipts was up 1 percent, while the Standard & Poor's 500 index was up 0.5 percent.
The BNY Mellon index of leading European ADRs was up 0.8 percent, while the FTSEurofirst 300 index of top shares closed up 1.1 percent.
The BNY Mellon index of leading Asian ADRs gained 1.3 percent, while the BNY Mellon index of leading Latin American ADRs was up 0.7 percent.
Among other gainers, U.S.-listed shares of BlackBerry maker Research In Motion gained 3.3 percent to $11.46 after Goldman Sachs upgraded the stock to "buy" from "neutral," saying it was optimistic ahead of the launch of the BlackBerry 10 smartphone.
U.S.-listed shares of Indian companies shot up. The Indian government agreed to a vote in parliament on allowing foreign entry in multi-brand retail. Also, Goldman Sachs updated Indian stocks to "overweight" from "marketweight." Shares of India's ICICI Bank Ltd. jumped 7.5 percent to $41.67 and shares of HDFC Bank Ltd gained 6.6 percent to $42.92.
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