ADR Report: Shares Higher Following Data Out Of Germany, UK

Apr 20, 2012

NEW YORK (Dow Jones)--International companies trading in New York closed higher Friday, in line with the broader market, following better-than-expected data out of Germany and the U.K.

The Bank of New York index of ADRs rose 0.6% to 126.56.

German business confidence rose unexpectedly for a sixth straight month in April, while retail sales in the U.K. for march rose well above expectations.

Investors interpreted the data as signs of resilience in the face of ongoing sovereign-debt issues in the euro zone.

Deutsche Bank AG (DB, DBK.XE) rose 2.5% to $45.36, Lloyds Banking Group PLC (LYG, LLOY.LN) advanced 1.6% to $1.89 and Societe Generale (SCGLY, GLE.FR) rose 3.9% to $4.51.

The European index climbed 0.9% to 115.93.

J.P. Morgan initiated coverage on Amarin Corp. PLC (AMRN) with a stock-investment rating of overweight with a $22 price target, saying it is bullish on Amarin's experimental heart drug derived from fish oil. The J.P. Morgan said it sees a "high likelihood" on the treatment receiving U.S. Food and Drug Administration approval in July and it represents a big commercial opportunity. Amarin shares added 9% to $10.40.

Eni SpA (E, ENI.MI), Italy's biggest energy company by market value, said Friday the SeverEnergia joint venture began producing natural gas in Western Siberia as oil majors tap into the hydrocarbon-rich Russian market. Shares of Eni, which has a 30% holding in SeverEnergia, gained 2.2% to $43.53.

The Asian index inched up 0.01% to 126.37 and the emerging markets index ended up 0.4% at 297.11.

China Mobile Ltd. (CHL, K3PD.SG, 0941.HK) said Friday its first-quarter unaudited net profit rose 3.5% from a year earlier, boosted by a growing customer base despite increasing competition in the country's telecommunications sector. Shares added 1.4% to $56.

Olympus Corp. (OCPNY, 7733.TO) managed to clinch approval for new management at its first faceoff with shareholders since its $1.5 billion accounting scandal broke six months ago, even though there were an unusually large proportion of investors opposing the nominees for president, chairman and one other director. Shares jumped 5.3% to $15.59.

The Latin American index gained 0.9% to 355.02.

Portuguese bank Banco BPI S/A (BPI.LB) said Friday that Spain's CaixaBank SA (CAIXY, CABK.MC) will buy an 18.87% stake in the bank from Brazil's Itau Unibanco Holding S/A (ITUB, ITUB3.BR, ITUB4.BR) for EUR93.42 million. Shares of Itau Unibanco Holding rose 2.6% to $17.20.

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

(END) Dow Jones Newswires

April 20, 2012 16:28 ET (20:28 GMT)