ADR Report: Shares Lower As European Financials Continue Fall

Apr 19, 2012

NEW YORK (Dow Jones)--International companies trading in New York closed lower Thursday, in line with the broader market, as European financial institutions continued to face declines.

The Bank of New York index of ADRs fell 0.5% to 125.77.

Spain's 10-year government bond yield rose as concerns about the country's debt problems rumbled on. Bank stocks fell for the second straight session.

Spanish banks Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) traded 4.9% lower to $6.47 and Banco Santander SA (STD, SAN.MC) tumbled 3.8% to $6.10.

BNP Paribas SA (BNPQY, BNP.FR) dropped 4.9% to $18.61, Credit Agricole SA (CRARY, ACA.FR) declined 5.2% to $2.35 and Societe Generale SA (SCGLY, GLE.FR) lost 5.2% to $4.34.

The European index closed 0.6% lower at 114.92.

Nokia Corp. (NOK, NOK1V.HE), the world's biggest handset maker last year, Thursday said it will deepen its cost cutting and look at selling assets after the company reported a bigger-than-expected loss for the first quarter. Nokia traded down 3.8% to $3.82.

The Asian index declined 0.1% to 126.36.

The former chief executive of scandal-hit Olympus Corp. (OCPNY, 7733.TO) said Thursday that overseas investigations related to the company's accounting scandal are continuing, and that he had recent contact with the U.K. Serious Fraud Office. Olympus' stock fell 2.6% to $14.80.

The Latin American index shed 0.5% to 351.98 and the emerging markets index dropped 0.2% to 296.05.

Brazilian utility Centrais Eletricas Brasileiras (EBR, ELET6.BR), or Eletrobras, plans to help build a $6 billion hydroelectric dam in the north of Mozambique, Estado de S Paulo newspaper said Thursday. The state-controlled power company may take a stake of as much as 49% in the project. Shares of Eletrobras fell 2.1% to $8.53.

-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com

(END) Dow Jones Newswires

April 19, 2012 16:36 ET (20:36 GMT)