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ADR REPORT-Japanese shares lead foreign stocks higher
March 11, 2013 / 6:50 PM / 5 years ago

ADR REPORT-Japanese shares lead foreign stocks higher

NEW YORK, March 11 (Reuters) - U.S.-listed shares of foreign companies rose slightly on Monday and for a sixth straight session as gains in shares of Japanese companies more than offset declines in the local Brazilian and Mexican markets.

Japanese companies led overseas shares higher as the Nikkei average closed at a 4-1/2-year high, led by financials and exporters. A weaker yen and bets on monetary easing whet risk appetite.

New York-traded shares of Canon rose 3.4 percent to $36.94 while Sony added 2.5 percent to $15.98. An index of American depositary receipts of Japanese companies jumped 2.3 percent to lead the Bank of New York Mellon ADR index up 0.3 percent.

ADRs of Carlos Slim’s America Movil fell 2.1 percent to $20.98 ahead of the planned announcement of Mexico’s reform to the telecommunications sector that aims to curb the company’s dominance.

Brazilian stocks also fell, mostly driven by a plunge in OGX Petroleo e Gas Participacoes SA after the oil company posted disappointing February offshore production figures.

ADRs of state-controlled energy giant Petrobras fell 0.9 percent to $17.04.

The BNY Mellon index of leading Latin American ADRs fell 0.6 percent.

The BNY Mellon index of leading European ADRs edged higher despite a slip on the pan-European FTSEurofirst 300 index, which fell 0.05 percent.

Financials led Europe lower on concern after Friday’s downgrade of Italy’s sovereign debt triggered a selloff in shares in the country’s banks, which own much of the country’s public debt.

Telecom Italia ADRs fell 2 percent to $7.55.

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