ADRs End Lower; Petrobras Trades Actively

International stocks trading in New York were down on Wednesday.

The BNY Mellon index of American depositary receipts declined 0.66% to 131.19. The European index decreased 0.62% to 122.92. The Asian index eased 0.32% to 150.53. The Latin American index fell 2.3% to 221.53. And the emerging-markets index declined 0.66% to 266.30.

Petróleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR) was among the companies with ADRs that traded actively.

Randgold Resources Ltd.'s (GOLD, RRS.LN) ADRs fell 2% to $85.55 on Wednesday, following a rating cut by RBC Capital Markets to underperform from sector perform. With the gold miner's current growth phase nearing its end, RBC is uncertain about the firm's next source of value creation.

Brazil's securities and exchange commission, the CVM, ordered state-run oil company Petrobras to republish its financial statements for 2013, 2014 and 2015 to include details of the company's hedge operations. Petrobras said it believes "it uses the Hedge Accounting practice correctly and reiterates that the company's financial statements for the years 2013, 2014 and 2015 are in accordance with accounting practices adopted in Brazil, as well as with international standards (IFRS) and were audited by an independent auditor who issued an unqualified opinion that these statements adequately presented." ADRs fell 7.5% to $9.36.

ADRs of oil and gas companies fell as oil futures posted their biggest percentage loss since February 2016 and tested the $50-a-barrel level following a large buildup in U.S. supplies. The U.S. Energy Information Administration said crude-oil stockpiles rose by 8.2 million barrels in the week ended March 3, far above the 1.7 million-barrel increase predicted by analysts and traders surveyed by The Wall Street Journal. Among the crude-oil companies whose ADRs fell on Wednesday were BP PLC (BP, BP.LN), down 1.7% to $33.31; Cnooc Ltd. (CEO, 0883.HK), down 3.2% to $113.85; PetroChina Co. (PTR, 0857.HK, 601857.SH, K3OD.SG), down 2.3% to $74.10; Statoil ASA (STO, STL.OS), down 3.3% to $16.84; and Vale SA (VALE, VALE3.BR, VALE5.BR, VALE5.FR), down 5% to $9.46.

Write to Maria Armental at [e-mail]

(END) Dow Jones Newswires

March 08, 2017 17:07 ET (22:07 GMT)

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