ADR Shares End Higher; Teva, Petrobras Shares Active

International stocks trading in New York closed higher Wednesday, with the Bank of New York index of American depositary receipts adding 0.3% to 151.27. The European index rose 0.4% to 150.62, the Asian index was essentially flat at 146.70, the Latin American index rose 0.2% to 272.77 and the emerging markets index increased 0.1% to 269.56. Among the companies with shares that actively traded were Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) and Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR).

Israel-based Teva Pharmaceutical's new chief executive will retain his board seat. The company also received a favorable legal ruling. Late Tuesday, a U.S. federal judge rejected arguments by closely held Purdue Pharma LP that Teva infringed its patents by seeking approval of a generic version of Purdue's painkiller OxyContin. Purdue, of Stamford, Conn., said it would appeal the decision. However, Teva shares ended down 0.5% at $44.01.

Brazilian state-run oil company Petroleo Brasileiro, or Petrobras, expects its financing needs to decrease in 2014 as the company pumps more oil from offshore fields, Chief Financial Officer Almir Barbassa told The Wall Street Journal on Wednesday. Shares rose 2.3% to $12.71.

The slowdown in 2013 top-line growth at Unilever PLC (UL, ULVR.LN) is set to continue, coupled with margin pressure, said J.P. Morgan Cazenove as it downgraded Unilever to underweight from neutral. "While management seems ready for action, we are worried of potential competitive battles, especially with Procter & Gamble (PG), in a lower growth environment," said J.P. Morgan. Unilever shares slid 1.4% to $39.42.

Rio Tinto PLC (RIO, RIO.LN) shares rose as UBS upgraded fellow mining company Anglo American PLC (AAUKY, AAL.LN) to buy from neutral. UBS added that it still prefers buy-rated stocks like Rio Tinto and BHP Billiton PLC (BBL, BLT.LN). Rio Tinto shares added 1.5% to $52.99, while BHP Billiton edged up 0.4% to $58.67.

Write to Anna Prior at [e-mail]