November 6, 2012 / 8:41 PM / in 5 years

ADR REPORT-Foreign shares rise as market awaits U.S. election results

NEW YORK, Nov 6 (Reuters) - U.S.-listed shares of foreign companies gained on Tuesday but the mood remained cautious as many preferred to wait for the outcome of the neck-and-neck U.S. presidential election.

Gains were fairly broad-based, but energy stocks were among the top gainers, along with materials and industrial shares. Gold prices rose 2 percent on Tuesday, as speculation of an election win for U.S. President Barack Obama and higher hopes for Federal Reserve stimulus fueled an abrupt midday rally.

U.S.-listed shares of ArcelorMittal rose 4.9 percent to $15.78 and Rio Tinto gained 1.6 percent to $51.23. U.S.-traded shares of South Korea’s POSCO was up 1.1 percent at $77.70.

Tuesday’s polls will determine whether incumbent Barack Obama or Republican challenger Mitt Romney are in charge of resolving the “fiscal cliff” of multi-billion dollar spending cuts and tax increases, which threatens to plunge the United States back into recession next year.

The BNY Mellon index of leading American depositary receipts rose 0.8 percent, while the Standard & Poor’s 500 index gained 0.8 percent.

The BNY Mellon index of leading European ADRs rose 0.8 percent. Britain’s blue-chip stock index rose on Tuesday, buoyed by some encouraging earnings reports.

U.S.-listed shares of European banks rose. Barclays PLC gained 2.4 percent to $15.57 and Credit Suisse rose 3.2 percent to $24.18.

The BNY Mellon index of leading Asian ADRs rose 0.6 percent, and the BNY Mellon index of leading Latin American ADRs rose 0.9 percent.

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