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ADR REPORT-ADRs edge up but LatAm shares fall 1 pct
August 21, 2012 / 8:47 PM / 5 years ago

ADR REPORT-ADRs edge up but LatAm shares fall 1 pct

NEW YORK, Aug 21 (Reuters) - U.S.-listed shares of overseas companies edged up on Tuesday even as Latin American ADRS fell more than 1 percent, led by declines in Brazilian companies including Petrobras.

Petrobras was down 2.1 percent at $21.90 in New York after its CEO said the company is not negotiating with the government to raise fuel prices.

Shares of Brazilian miner Vale were down 0.7 percent at $17.23. Late Monday, Brazil’s mines and energy minister said the government expects to resolve a royalties dispute with Vale SA, the world’s second-largest mining company, either this month or by the end of September.

The BNY Mellon index of leading Latin American ADRs dropped 1.1 percent, compared with the BNY Mellon index of leading American depositary receipts, which was up 0.1 percent and the Standard & Poor’s 500 index , which ended down 0.4 percent.

Among other Latin American shares, America Movil was down 1.6 percent at $25.72 and shares of Ambev were down 2.7 percent at $36.88. Shares of Brazil’s Banco Bradesco were down 1.2 percent at $17.07.

Among other big ADR decliners was CNOOC Ltd, China’s leading offshore oil producer, which said its first-half net profit fell by almost a fifth - twice as much as the market had expected - and it cut its dividend by 40 percent. Its U.S.-listed shares were down 3.2 percent at $194.50.

On the flip side, the BNY Mellon index of leading European ADRs was up 0.4 percent. The FTSEurofirst 300 index of top shares closed up 0.4 percent.

Among European ADRs, bank shares bounced back from Monday’s losses. Deutsche Bank shares were up 4.2 percent at $34.07 and shares of Barclays were up 2.6 percent at $12.30.

The BNY Mellon index of leading Asian ADRs was up 0.02 percent. (Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)

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