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ADR REPORT-ADRs climb on signs of some hope on US 'fiscal cliff'
November 28, 2012 / 11:06 PM / in 5 years

ADR REPORT-ADRs climb on signs of some hope on US 'fiscal cliff'

NEW YORK, Nov 28 (Reuters) - U.S.-listed shares of overseas companies rose on Wednesday as comments by a top Republican lawmaker supported views that the United States may be able to avoid the “fiscal cliff.”

ADR gains were broad-based, but European ADRs were among the day’s best performers. Shares of France’s Total were up 1.2 percent at $49.68 in New York, while shares of Germany’s Siemens AG were up 1.6 percent at $103.02. Shares of Novartis gained 1.2 percent to $61.28.

U.S. House Speaker John Boehner, the top Republican in Congress, said he was optimistic that a budget deal could be reached to avoid big spending cuts and tax hikes.

Among Latin American ADRs, shares of Brazilian oil company Petrobras were up 1.4 percent at $18.39 and shares of Mexican cement company Cemex were up 1.1 percent at $9.04.

Other gainers included Canada’s Research in Motion Ltd , which gained 3.5 percent to $11.10 after a U.S. fund manager expanded its holding in the smartphone maker.

RIM’s gain came despite news that it lost a contract dispute over the use of Nokia patents. Shares of Nokia were up 3.2 percent at $3.27.

The BNY Mellon index of leading American depositary receipts was up 0.6 percent, while the Standard & Poor’s 500 index was up 0.8 percent.

The BNY Mellon index of leading European ADRs was up 0.8 percent, while the FTSEurofirst 300 index of top shares closed up 0.2 percent.

The BNY Mellon index of leading Asian ADRs was up 0.2 percent, while the BNY Mellon index of leading Latin American ADRs was up 0.4 percent.

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