DR Market Summary

ADR Report: Shares End Mostly Higher As Apple Boosts Mood

Mar 19, 2012

NEW YORK (Dow Jones)--International companies trading in New York closed mostly higher Monday, in line with the broader market, as Apple Inc.'s (AAPL) plan to return cash to shareholders lifted the mood.

The Bank of New York index of ADRs rose 0.5% to 133.62.

The European index posted the strongest rise of all regional indexes, up 0.7% to 122.82. During regular European trading, French and German stock markets snapped eight-session rising streaks, but plans from Apple to share billions of dollars in profits with shareholders via a dividend and stock-buyback program helped pull European indexes off their lows.

In corporate news, Dutch package shipper TNT Express (TNTEY, TNTE.AE) rose 2.8% to $12.42 after United Parcel Service (UPS) said it agreed to buy the company.

Oil futures also settled higher Monday, boosting European energy stocks broadly. Among them, Total SA (TOT, FP.FR) shares ended up 1.1% at $55.97, as the French energy giant also announced a new shale-gas and refining pact with China. ENI SpA (E, ENI.MI) rose 1.6% to $49.44 after Goldman Sachs kept the Italian oil major rated at a conviction buy rating after its strategy presentation last week.

Spanish ADRs moved broadly higher. Banco Santander S.A. (STD, SAN.MC) increased 2.3% to $8.52, Telefonica SA (TEF, TEF.MC) rose 2% to $17.19 and Repsol YPF SA (REPYY, REP.MC) was up 1.1% at 25.05.

The Asian index rose 0.3% to 131.68. Japanese financial service companies were strong, rising with the U.S. financial sector. Nomura Holdings Inc. (NMR, 8604.TO) rose 2.9% to $4.90, Mitsubishi UFJ Financial Group Inc. (MTU, 8306.TO) increased 1.9% to $5.32 and Mizuho Financial Group Inc. (MFG, 8411.TO) was up 1.2% to $3.38.

But the emerging-markets index fell slightly to 311.72. Among those pulling that index down were Chinese solar companies, after Chinese solar-panel maker LDK Solar Co. (LDK) predicted fourth-quarter revenue and wafer shipments at the low end of its downbeat November guidance because of falling market prices. LDK fell 5.5% to $4.63, with Yingli Green Energy Holding Co. (YGE) declined 5.5% to $3.81 and JA Solar Holdings Co. (JASO) slipped 4.7% at $1.82.

Tata Motors Ltd. (TTM, 500570.BY) shares also fell after India's auto makers said they began raising prices of cars and sport-utility vehicles to pass on an increase in the "factory gate" tax, a move the industry expects will crimp demand there. Tata closed down 1.3% at $28.40.

Offsetting some of those declines, Taiwan Semiconductor Manufacturing Co. (TSM, 2330.TW) rose 2.5% to $15.16. The world's largest contract chip maker by revenue may increase spending in 2012 to boost its production capacity in response to strong demand for more advanced chips, a company executive said Monday.

The Latin American index also declined slightly to 377.86, as downturns in both Mexican and Brazilian stocks hurt ADRs for companies there. Mexican home developer Desarrolladora Homex SAB (HXM, HOMEX.MX) fell 2.2% to $18.82 and Brazilian commercial bank Banco Bradesco SA (BBD, BBDC4.BR) was down 1.6% to $18.16.

But South American telecommunications stocks were strong. Tele Norte Leste Participacoes SA (TNE, TNLP4.BR) rose 1.6% to $11.09 and Oi SA (BTM, BTMC) rose 1.8% to $20.10.

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

(END) Dow Jones Newswires

March 19, 2012 16:57 ET (20:57 GMT)

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