ADR Shares End Higher; Gafisa, Statoil Shares Active

International stocks trading in New York closed higher Friday, with the Bank of New York index of American depositary receipts adding 1.2% to 145.85. The European index rose 1.2% to 145.81, the Asian index climbed 1.4% to 140.35, the Latin American index added 0.6% to 258.64 and the emerging markets index increased 1% to 256.85. Among the companies with shares that actively traded were Gafisa SA (GFA, GFSA3.BR) and Statoil ASA (STO, STL.OS).

Gafisa, one of the largest real-estate firms in Brazil in terms of revenue, may split its operations in two as it continues to struggle with a 2008 acquisition. The firms also said Chief Executive Duilio Calciolari will step down within three months. Shares rose 3.9% to $2.70.

Norwegian oil company Statoil ASA (STO, STL.OS) said Friday it would reduce its planned capital expenditure by more than $5 billion thorugh 2016 to free up cash, as fourth-quarter net profit rose despite lower volumes. Shares jumped 6.1% to $25.40.

ArcelorMittal (MT, MT.FR, MT.AE), the world's largest steelmaker by volume, said its fourth-quarter net loss narrowed, helped by higher steel and iron-ore shipments and cost savings. Shares rose 1.3% to $17.27.

Shire PLC (SHPG, SHP.LN) said Friday it has stopped development of its best-selling drug, Vyvanse, as a treatment for depression, after the results of two late-stage trials disappointed on Thursday. Shares still edged up 0.3% to $154.22.

Cyrus Mistry, the chairman of India's Tata Group, will head a panel that will temporarily oversee the running of Tata Motors Ltd. (TTM, 500570.BY) to fill the leadership gap created by the recent death of the auto maker's managing director. The nine-member panel of senior executives of India's largest auto maker by revenue will also include chief financial officer C. Ramakrishnan and the president of passenger vehicle business Ranjit Yadav. Tata Motors shares edged up 0.6% to $28.99.

Write to Anna Prior at [e-mail]

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