ADRs End Mostly Higher; Advanced Accelerator Applications, Braskem Trade Actively

International stocks trading in New York closed mostly higher on Monday.

The BNY Mellon index of American depositary receipts increased 0.3% to 149.43. The European index rose 0.5% to 138.55. And the Asian index improved 0.3% to 176.15.

Meanwhile, the Latin American index fell 1.8% to 246.72, while the emerging-markets index declined 0.2% to 321.41.

Advanced Accelerator Applications SA (AAAP) and Braskem SA (BAK, BRKM5.BR) were among those with ADRs that traded actively.

LyondellBasell Industries NV has made a takeover approach to Braskem, according to people familiar with the matter. The talks are at an early stage, the people said, and there is no guarantee there will be a deal. Should there be one, it would be substantial: Braskem on Monday had a market value of about 37 billion Brazilian reais ($11.4 billion) and nearly as much debt. LyondellBasell had a market value of about $40 billion. Braskem's ADRs rose 11% to $32.56.

HSBC Holdings PLC (HSBC, HSBA.LN, 0005.HK) swung to a third-quarter net profit and said increased investment in its Asia business was paying off. But the U.K. banking giant joined rivals in reporting a slowdown in investment banking, though it has held up better than some and Asia remains its lynchpin, says Hargreaves Lansdown. The brokerage notes that while the bank swung to a net profit, adjusted profit fell 1%. ADRs closed down 0.9% at $48.74.

Novartis AG (NVS, NOVN.EB) has agreed to acquire Advanced Accelerator Applications for $3.9 billion, a deal that would boost its oncology portfolio as generic competition eats into sales of blockbuster blood-cancer drug Gleevec. The Swiss drug giant said Monday it is offering $41 a share in cash for the France-based, New York-listed company, which has recommended the deal to its shareholders. AAA's recently-approved Lutathera treatment belongs to a small but growing class of therapies known as radio-pharmaceuticals. Such treatments carry radioactive substances directly to tumor cells, allowing them to attack the cancer at close range. ADRs of Novartis rose 1.3% to $81.74 while those of Advanced Accelerator Applications rose 10% to $80.50.

Chinese oil major PetroChina Co. (PTR, 601857.SH, K3OD.SG, 0857.HK) on Monday posted a 291% jump in third-quarter net profit, partly due to higher crude oil prices and stringent cost control. ADRs rose 2% to $65.60.

(END) Dow Jones Newswires

October 30, 2017 19:31 ET (23:31 GMT)

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