ADRs End Lower, Bayer and Erste Group Bank Trade Actively

By Kathryn Hardison

International stocks trading in New York closed lower on Tuesday.

The S&P/BNY Mellon index of American depositary receipts fell 0.6% to 148.38. The European index declined 0.9% to 145, the Asian index edged 0.1% lower to 170.07, the Latin American index dropped 0.7% to 186.69 and the emerging markets index decreased 0.4% to 282.13.

Bayer AG and Erste Group Bank AG were among the companies with ADRs that traded actively.

ADRs of Bayer AG declined 4.5% after the German agricultural and pharmaceutical company reported fourth-quarter profit that missed expectations despite higher sales. The company also guided for full-year earnings to be lower than the year prior as inflation remains high.

ADRs of Erste Group Bank AG rose 5.1% after the Austrian lender said fourth-quarter profit beat expectations as net interest income jumped on the back of rate hikes and loan growth.

ADRs of Sibanye-Stillwater Ltd. fell 2.8% after the company reported a near-halved net profit for 2022, attributing it to factors such as industrial action, bad weather and the challenging macroeconomic and geopolitical environment.

Write to Kathryn Hardison at [e-mail]

(END) Dow Jones Newswires

February 28, 2023 18:27 ET (23:27 GMT)

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