Apr 18, 2012
NEW YORK (Dow Jones)--International companies trading in New York closed lower Wednesday, in line with the broader market, as Spanish bank stocks tumbled on news of a sharp rise of bad loans.
The Bank of New York index of ADRs fell 0.3% to 126.34 as the Bank of Spain said that commercial banks in the country will need extra provisions and that the ratio of bad loans held by banks in the country rose to a 17-year high of 8.16% in February.
Banco Santander SA (STD, SAN.MC) lost 3.2% to $6.34 and Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) dropped 3.3% to $6.80.
The European index declined 0.4% to 115.63 as other banks in the region also fell.
BNP Paribas SA (BNPQY, BNP.FR) dropped 4.1% to $19.56 and Societe Generale SA (SCGLY, GLE.FR) lost 6.1% to $4.57.
Separately, Syngenta AG (SYT, SYNN.VX) on Wednesday reported a 9% increase in first-quarter sales with the planting season in the northern hemisphere getting off to a good start. Its revenue was slightly below expectations, and shares fell 2.6% to $68.65.
The Latin American index was off 0.6% to 353.90 and the emerging-markets index slipped 0.5% to 296.60.
The U.S.-listed shares of Argentina's largest oil and gas producer, YPF SA (YPF, YPFD.BA), tumbled 33% to $13.12 when they resumed trading on Wednesday after the Argentine government said it will expropriate a 51% stake in the company.
The Asian index shed 0.02% to 126.43 as some solar companies weighed on the index.
ReneSola Ltd. (SOL) declined 4.7% to $1.84, LDK Solar Co. (LDK) slipped 1.8% to $3.24 and Suntech Power Holdings Co. (STP, K3ND.SG) lost 2.5% to $2.73.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; email@example.com
(END) Dow Jones Newswires
April 18, 2012 16:58 ET (20:58 GMT)