Apr 12, 2012
NEW YORK (Dow Jones)--International companies trading in New York closed higher Thursday, in line with the broader market, as traders took an optimistic view of global growth.
The Bank of New York index of ADRs rose 1.7% to 127.03 as Federal Reserve officials voiced support for the central bank's accommodative monetary policies.
The price of gold hit a two-week high on expectations that demand for the metal as an alternative asset would hold up.
Shares of gold miners climbed.
Gold Fields Ltd. (GFI, GFI.JO) rose 2.2% to $13.07, AngloGold Ashanti Ltd. (AU, ANG.JO) added 2.1% to $34.30 and DRDGold Ltd. (DRD, DRD.JO) gained 4.9% to $7.02.
The European index closed up 1.6% at 115.65.
Subsea 7 SA (SUBCY, SUBC.OS) shares closed sharply higher, up 4% at $25.94, after the company said it is considering spinning off and listing its Veripos subsidiary. Such a move could be seen as strategically sound as it may be easier for Veripos to grow as a separate company, said an Oslo-based analyst. Still, the analyst noted that Veripos made up only around 1% of Subsea 7's group revenue last year, so the financial implications should be limited.
The Asian index gained 1.5% to 127.42 and the emerging markets index climbed 2.3% to 302.21.
Infineon Technologies AG (IFNNY, IFX.XE) shares rose 6.5% to $9.94 as Deutsche Bank upgraded its stock-investment rating on the company to buy from hold, and raised its target price. A restocking cycle in the industrial segment and continued growth in automotive should drive margin and revenue trough in the first quarter, the firm said. Furthermore, in the long term the company's power semiconductors segment should benefit from an increase in renewable energy generation in China, India and Germany by 2017, the firm added.
The Latin American index jumped 2.6% to 363.53.
Shares of Argentina's largest oil-and-gas producer, YPF SA (YPF, YPFD.BA), rallied 8.6% to $22.93 on speculation that Argentine President Cristina Kirchner could announce a government takeover of the firm later in the day.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; email@example.com
(END) Dow Jones Newswires
April 12, 2012 16:41 ET (20:41 GMT)