ADR Shares End Higher; JinkoSolar, Petrobras Trade Actively

   By Maria Armental 
 

International stocks trading in New York closed higher on Wednesday.

The BNY Mellon index of American depositary receipts rose 2.3% to 124.77. The European index improved 2.1% to 126.02, the Asian index rose 2.4% to 129.55, the Latin American index rose 2.9% to 155.98 and the emerging-markets index improved 2.8% to 206.46. JinkoSolar Holding Co. Ltd. (JKS) and Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR) were was among the companies with ADRs that traded actively.

AirMedia Group Inc. (AMCN) on Wednesday said it reached a deal with a group of its executives to take the company private with an offer that values the firm around $360 million, following a raft of management offers earlier this year to take Chinese companies off the U.S. market. The management-led buyout group already owns about 35% of the company's shares. ADRs rose nearly 7.8% to 5.37.

JinkoSolar said it reached a nearly $5.1 million settlement of a 2011 lawsuit with class-action status representing purchasers of the Chinese solar-products company's American depositary shares between their U.S. stock market debut in May 2010 and September 2011. ADRs surged nearly 14% to $21.94.

Novartis AG's (NVS, NOVN.VX) Sandoz Inc. unit agreed to a nonexclusive license to sell a generic version of the United Therapeutics Corp.'s hypertension drug Remodulin by June 2018 ending a long-running dispute between the two companies. Sandoz could be permitted to enter the market sooner under certain circumstances, United Therapeutics said in a news release. The license would exclude other United Therapeutics products, as well as technology related to an implantable version of Remodulin that United Therapeutics is developing with medical-device maker Medtronic PLC (MDT) and a pre-filled semi-disposable pump system being developed with DEKA Research & Development Corp. ADRs rose 2.7% to $91.92.

ADRs of Petrobras rose nearly 12% to $4.35 a day after Brazil's state-run oil company said it was raising gasoline prices by 6% and diesel prices by 4% at its refineries. Any change to prices at the pump is unclear, as they are set by gas-station owners. Petrobras imports gasoline and diesel fuel to meet domestic demand. The weakening of the Brazilian currency, the real, against the dollar has made those imports more expensive.

Write to Maria Armental at [e-mail]

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(END) Dow Jones Newswires

September 30, 2015 18:49 ET (22:49 GMT)

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