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Tuesday 07th of October 2008
August 24, 2005

Bank of New York’s index of leading ADR’s down again


by Brian Turner
Bank of New York’s index of leading ADR

Although most foreign oil stocks traded in the United States were up on Wednesday as crude oil prices rose again, mining and telecommunications shares fell, taking the Bank of New York’s index of leading ADRs down by 0.1 percent on the day.

The index of leading European ADRs fell 0.1 percent to 129.72, while the index of leading Asian ADRs was unchanged at 115.75 and the index of leading Latin American ADRs fell 0.4 percent to 164.64.

New concerns about storms in the Caribbean and gasoline stockpiles that were reported lower than expected sent crude oil prices up, taking shares of BP and Petrobras up although PetroChina was down.

BP was up 0.4 percent to $67.36 and Petrobras gained almost 1 percent to $57.55, while PetroChina dropped by 1.9 percent to $80.10.

In the mining sector, Australian-British miners BHP Billiton fell 3 percent on a warning that the commodity market growth was slowing and on a profit report that failed to make expectations even though it doubled its profits in the second half. Rio Tinto was down as well, by 3.8 percent to $140.82.

In the telecommunications sector, France Telecom dropped 1.8 percent to $30.60 on the New York Stock Exchange as it was reported that it could face serious fines if its cellphone divison was found to have been in collusion with the cellphone unit of Bouygues.

Meanwhile, Telekom Austria was down by 0.3 percent to $41.80 as second-quarter profit margins did not live up to expectations.

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