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ADR REPORT-ADRs slide, led down by commodity-related shares
March 20, 2012 / 5:12 PM / 6 years ago

ADR REPORT-ADRs slide, led down by commodity-related shares

NEW YORK, March 20 (Reuters) - U.S.-listed shares of overseas companies fell more than 1 percent on Tuesday, driven down by losses in energy and other commodity-related companies as oil and metal prices dropped.

Shares of Brazilian oil company Petrobras tumbled 2.5 percent to $143.30 in New York while shares of BP Plc lost 1.6 percent to $46.15. Shares of PetroChina fell 2.5 percent to $143.32.

Shares of global miner BHP Billiton slumped 3.5 percent to $72.87, and shares of South Africa’s Harmony Gold Mining Co shed 0.7 percent to $10.87. Brazilian miner Vale fell 2.4 percent to $23.21.

Brent and U.S. crude oil futures fell on increased production from Saudi Arabia and revived exports from Libya, as well as a stronger dollar. In London, ICE Brent crude for May delivery was down $1.50, or 1.19 percent, at $124.21 a barrel.

The dollar’s strength also weighed on gold and copper prices. Spot gold was down 0.6 percent on the day at $1,650.55 an ounce.

Miners’ shares also slid on worries about a slowdown in China. BHP Billiton raised concerns about China when it said it was seeing evidence of “flattening” iron ore demand.

Among Canadian ADRs, shares of Suncor Energy Inc declined 2.3 percent to $33.15 while shares of Goldcorp fell 0.6 percent to $43.74.

ADR declines were broad-based, however, with euro-zone banks also falling after leading gains on Monday. Shares of Deutsche Bank lost 1.2 percent to $51.45 and shares of the National Bank of Greece SA slipped 0.6 percent to $3.33.

The BNY Mellon index of leading American Depositary Receipts < .BKADR> dropped 1.2 percent, while the Standard & Poor’s 500 index < . SPX> was down 0.6 percent.

The BNY Mellon index of leading European ADRs was down 1 percent, while the FTSEurofirst 300 index of top shares was down 1.1 percent.

The BNY Mellon index of leading Asian ADRs was down 1.5 percent, and the BNY Mellon index of leading Latin American ADRs was also down 1.5 percent.

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