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ADR REPORT-Foreign shares tick up; Eletrobras tumbles again
November 21, 2012 / 7:41 PM / 5 years ago

ADR REPORT-Foreign shares tick up; Eletrobras tumbles again

NEW YORK, Nov 21 (Reuters) - U.S.-listed shares of foreign companies edged higher on Wednesday led by European shares, but declines in Brazilian stocks capped gains after Eletrobras tumbled.

U.S.-traded shares of Brazilian state-led electricity holding company Eletrobras slid more than 11 percent on lingering concerns that an expected renewal of its transmission concessions at sharply lower rates would lead to steep losses.

The stock has fallen 12 straight sessions and is down more than 60 percent from a peak in August. President Dilma Rousseff announced in mid-September a plan to reduce energy prices by about 20 percent.

The slide in Eletrobras hurt overall sentiment in Brazil, and shares of state-owned oil company Petrobras lost 3.5 percent. An index of American depositary receipts of Brazilian companies fell 1.4 percent and weighed on the BNY Mellon index of Latin American ADRs, which dropped 0.9 percent.

The broader BNY Mellon index of leading ADRs gained 0.21 percent, slightly better than the S&P 500 index’s gain of 0.1 percent.

The BNY Mellon index of European ADRs rose 0.37 percent, and a local European benchmark rose for a third session as buyers positioned for a positive outcome to negotiations over aid to Greece.

Nokia ADRs rallied more than 12 percent in more than three times daily average volume, pushing the weekly advance to about 20 percent.

The BNY Mellon index of leading Asian ADRs rose 0.26 percent with China Mobil Ltd up 2.4 percent at $55.99 and Japan’s Honda Motor Co up 3 percent at $32.68.

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