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Monday 08th of September 2008
August 15, 2005

European company fortunes mixed on ADR index


by Brian Turner
European company fortunes mixed on ADR index

Shares of foreign companies trading in New York were mixed on Monday as European companies did not do as well as did Latin American companies trading in the US.

The Bank of New York’s index of leading European shares fell 0.3 percent to 132.58, while the Latin American index gained 1.7 percent to 171.23.

The bank’s index of ADRs as a whole fell 0.2 percent.

One reason for the European index’s decline was the fall of European oil companies as crude oil prices backed off the record highs of last week. British oil company BP Plc were down nearly 1 percent to $69.90 and Royal Dutch Shell was down 0.6 percent to $66.86.

On the other hand, Brazil’s Petrobras gained 1 percent to $60.28 when Nigeria chose the company to help it develop ethanol production. Copper prices that reached new highs had mining stocks up, however.

With analysts saying that copper prices could go even higher, Brazilian miner Companhia Vale do Rio Doce’s US-traded shares gained 1.7 percent to $35.26.

When Swiss-based Xstrata Plc announced that it had bought 20 percent of Canadian base metal mining company Falconbridge Ltd. For $1.7 billion, Falconbridge’s New York-traded shares gained 2.1 percent to $24.20.

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