ADR Shares End Higher on German Business Confidence Data

   By Anna Prior 
 

International companies trading in New York closed higher Friday amid a higher-than-expected reading on business confidence in Germany.

The Bank of New York index of American depositary receipts rose 0.5% to 149.30.

In Germany, the Ifo business-climate index rose to 109.3 in November, beating expectations of a 107.8 reading and rising from the 107.4 seen in October.

Meanwhile, a reading on Midwest manufacturing showed expansion and traders weighed the prospects for continued easy monetary policies in the U.S.

The European index added 0.6% to 145.03.

Novartis AG (NVS, NOVN.VX) said Friday it will buy back shares worth $5 billion, a move that may mollify investors as pressure grows on the company to deliver growth while it conducts a sweeping review of its businesses. Shares of the Basel-based drug maker rose 0.7% to $79.71.

Nokia Corp. (NOK, NOK1V.HE) is seeking to remove a potential obstacle to the $7 billion sale of its handset business to Microsoft Corp. (MSFT) by asking an Indian court to unfreeze several assets, including one of its biggest factories, amid a lengthy tax feud. Shares rose 1.8% to $8.09.

The Asian index rose 0.1% to 149.69.

Shares of several Taiwan-based companies added to gains, with Silicon Motion Technology Corp. (SIMO) rising 4.8% to $15.24 and Himax Technologies Inc. (HIMX) up 3% at $9.43.

The Latin American index added 1% to 295.43 and the emerging markets index rose 0.6% to 280.05.

Shares of Brazilian companies finished mostly in positive territory, with Gol Linhas Aereas Inteligentes SA (GOL, GOLL4.BR) rising 3.8% to $4.41 and Oi SA (OIBRC, OIBR, OIBR4.BR) up 4.5% at $1.64.

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