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August 29, 2005    

ADR’s see fall in New York on oil prices

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by Brian Turner

Shares in foreign companies that trade on US stock exchanges were down as a whole again on Friday as the Bank of New York’s index of leading ADRs fell 0.41 percent.

Crude oil prices were up and down in early trading and remained at about Thursday’s closing level, and shares in oil companies were down as investors waited to see what effect Hurricane Katrina would have on oil producing areas.

Royal Dutch Shell Plc fell almost 1 percent to $63.03, while French oil company Total lost more than 1 percent to $126.60. China Petroleum was down to $44.86 and Petrobras was down by 1.8 percent to $57.59.

An exception to the declines in the oil sector was Australian gas and oil company Santos Ltd., which gained over 3 percent to $35, a tripling of its first-half profit on higher oil prices and increased production.

In the mining sector, Anglo-Dutch company Corus Group Plc gained almost 4 percent to $8.44 on doubled first-half earnings.

The index of leading European ADRs fell by 0.48 percent, while leading Asian ADRs fell 0.08 percent and leading Latin American ADRs were down 0.72 percent.

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