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Saturday 21st of June 2008
August 29, 2005

ADR’s see little movement as oil prices up


by Brian Turner
ADR

The Bank of New York’s index of leading foreign shares traded in the United States saw little movement on Monday as oil prices went up.

However, strong performances in the telecommunications sector and an easing of political concerns in Brazil balanced out concerns raised by Hurricane Katrina.

Shares in Brazilian companies were up as no new corruption allegations appeared over the weekend. Petrobras was up 1.5 percent to $58.34, while Banco Bradesco gained 2.1 percent to $41.40.

The oil sector was mixed as oil prices rose above $70 per barrel in Asian trade on fears that Hurricane Katrina would cause serious supply disruptions. South Africa’s Sasol Ltd. gained nearly 2 percent to $32.38 and UK company BG Group was up a percent to $44.38.

On the other hand, US-traded shares of Royal Dutch Shell lost 0.1 percent to $63.19 on the possibility that some of its Gulf of Mexico facilities might take damage from the hurricane. Concerns about the effects of the hurricane also hurt insurers, which stood to face large claims for storm damage.

New York-listed shares of German company Allianz AG dropped 0.4 percent to $12.70. In the telecommunications sector, Nokia Corp. gained 0.2 percent to $15.53 after settling a claim with a Turkish company.

The Asian automobile manufacturing sector fell on worries of what higher oil prices might do to their sales. Honda Motor Co. slipped 0.7 percent to $26.47, while Toyota Motor lost 1.1 percent to $81.10. The Bank of New York’s index of leading Asian ADRs lost 0.8 percent to 114.63.

The index of leading Latin American ADRs were up 0.4 percent to 166.21, while the index of leading European ADRs were up 0.2 percent to 128.30.

Story link: ADR’s see little movement as oil prices up


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