ADR Report: Shares Close Mostly Higher But Europe Weighs

25th Jun 2010 21:59

By Victoria Finkle Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--International companies trading in New York closed mostly up, even as a flurry of economic data this week left the global economic outlook mixed. The Bank of New York index of ADRs rose 0.28% to 118.19. The aluminum sector was strong, with Australian-based Alumina Ltd. (AWC, AWC.AU) up 2% to $5.55 and Brazilian-based mining giant Vale SA (VALE, VALE5.BR) climbing 2.1% to $27.35. The steel sector also largely rose, with South African steel producer Highveld Steel & Vanadium Corp. (HGVLY, HVL.JO) up 5.3% to $10.16 and Russian coal and steel group Mechel OAO (MTL, MTLR.RS) rising 2.1% to $21.11. The European index slipped 0.06% to 106.11. BP PLC's (BP, BP.LN) shares tumbled to fresh 14-year lows in the U.S. and London as concerns grew that the company might have to consider selling shares to bolster confidence in its financial stability. The oil giant also said total costs of cleaning the Gulf of Mexico oil spill reached $2.35 billion. Shares closed down 6% to $27.02. Spanish bank stocks climbed amid a takeover by Spanish bank Banco de Sabadell SA (SAB.MC) of a smaller rival, the first tie-up between two listed Spanish banks since the start of the financial crisis. Banco Santander SA (STD, SAN.MC) gained 1.7% to $11.05 and Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) rose 2% to $10.99. The Asian index gained 0.4% to 119.07. China's solar sector closed strong, with shares of Trina Solar Ltd. (TSL) rising 4.1% to $18.33, Yingli Green Energy Holding Co. (YGE) up 3.9% to $10.68, and JA Solar Holdings Co. Ltd. (JASO) climbing 4.4% to $4.78. The Latin American index climbed 1.6% to 356.29. Colombian President-elect Juan Manuel Santos on Friday said his government will encourage investment in the oil industry and will be stricter in environment rules to oil companies. Shares of state-controlled oil company Ecopetrol SA (EC, ECOPETROL.BO) rose 1% to $28.96. The Chilean banking sector rose on expectations for continued domestic growth and robust consumer demand. Shares of Banco Santander-Chile (SAN, BSANTANDE.SN) rose 2% to $69.50 and Banco de Chile (BCH, CHILE.SN) grew 1.6% to $64.38. The emerging markets index rose 1.29% to 295.76. Mobile TeleSystems (MBT, MTSS.RS), Russia's biggest mobile-telephone provider, offered to buy up to 9% of the shares in its OAO Comstar United TeleSystems (CMST.LN) fixed-line unit for 220 rubles ($7.08) each as a part of the companies' merger. Shares of Mobile TeleSystems closed up 1.5% to $20.53. -By Victoria Finkle, Dow Jones Newswires; 212-416-3418; [email protected] (END) Dow Jones Newswires June 25, 2010 16:59 ET (20:59 GMT)