May 21, 2012
NEW YORK (Dow Jones)--International companies trading in New York closed higher Monday, in line with the broader market, as oil futures snapped a six-session losing streak.
The Bank of New York index of ADRs rose 1.7% to 114.67 as the price of oil rose, lifted by signs that Greece's departure from the euro zone appears less likely.
Shares of oil companies rose. Petrobras Petroleo Brasileiro (PBR, PETR3.BR, PETR4.BR) gained 5.3% to $20.67, BG Group PLC (BRGYY, BG.LN) jumped 2.8% to $20.14 and Statoil SAS (STO, STL.OS) ended up 2.4% at $23.53.
The European index added 1.7% to 105.68 following the Group of Eight meeting. Over the weekend the leaders affirmed their interest in keeping Greece in the euro zone, and encouraged leaders to pursue growth policies.
Also boosting shares of companies in the region were weekend polls that showed support was growing for the Greek conservatives.
The National Bank of Greece SA (NBG, ETE.AT) jumped 3.3% to $1.55. Other financials in the region also gained, with Deutsche Bank AG (DB, DBK.XE) ending up 3.3% at $37.21, BNP Paribas SA (BNPQY, BNP.FR) rising 2.4% to $16.89 and Societe Generale (SCGLY, GLE.FR) adding 1% to $4.
The chief executive of Randgold Resources PLC (GOLD, RRS.LN) has bought $1.03 million worth of shares in the West African miner, reaffirming analysts' beliefs that certain gold miners may be undervalued relative to the gold price and their earnings potential. Shares of Randgold surged 4.2% to $79.63.
The Asian index rose 1.5% to 114.50.
Honda Motor Co. (HMC, 7267.TO) plans to assemble 20,000 CR-V sport utility vehicles a month in China to accommodate strong demand for a new model, The Nikkei reported early Tuesday. The figure is up 70% from the initial monthly production plan of 12,000 units. Shares of Honda added 1.3% to $32.62.
The Latin American index gained 2.3% to 309.12 and the emerging markets index climbed 2% to 265.32.
Brazilian steelmaker Gerdau SA (GGB, GGBR3.BR, GGBR4.BR) said Monday that potential investors are visiting its iron ore assets in Brazil's Minas Gerais state. The company expects to move into a phase of receiving binding offers for participation in the mine assets. Shares surged 6.1% to $8.13.
-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; firstname.lastname@example.org
(END) Dow Jones Newswires
May 21, 2012 16:38 ET (20:38 GMT)