ADRs End Down; Oil and Gold Companies Trade Actively

International stocks trading in New York closed lower on Tuesday. The BNY Mellon index of American depositary receipts declined 1.8% to 120.95; the European index fell 2% to 118.46; the Asian index declined 1.3% to 128.65; the Latin American index fell 2.6% to 182.69; and the emerging-markets index declined 1.6% to 231.74. Oil and gold companies were among the companies with ADRs that traded actively.

Crude-oil prices tumbled Tuesday as traders worried about an uptick in U.S. drilling activity and the U.K.'s vote to exit the European Union continued to roil global markets. Among the companies whose ADRs fell on Tuesday were Royal Dutch Shell PLC (RDSA, RDSA.LN, RDSB, RDSB.LN), down 1.1% to $54.94; China Petroleum & Chemical Corp. (SNP, 0386.HK), down 3.3% to $70.16; Cnooc Ltd. (CEO, 0883.HK), down 3.4% to $121.82; Eni SpA (E, ENI.MI), down 4% to $31.93; PetroChina Co. (PTR, 0857.HK, 601857.SH, K3OD.SG), down 3.5% to $66.24; Petróleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR), down 8% to $6.88; and Total SA (TOT, FP.FR), down 3.1% to $47.21.

Gold prices rose again on Tuesday as investors unsure about the impact of the U.K.'s vote to leave the European Union turned to the precious metal, often considered a haven. Among the companies whose ADRs rose on Tuesday were Randgold Resources Ltd. (GOLD, RRS.LN), up 4.1% to $122,47; AngloGold Ashanti Ltd. (AU, ANG.JO), up 1% to $19.22; DRDGold Ltd. (DRD, DRD.JO), up 10% to $7.13; and Sibanye Gold Ltd. (SBGL, SGL.JO), up 3% to $14.72.

British engineering consultancy Amec Foster Wheeler PLC (AMFW, AMFW.LN) said Tuesday that it has secured an engineering, procurement and construction contract for a coal project in Trimble County, Kentucky. Financial details weren't disclosed. Under the contract, Amec Foster will transform Trimble County generating station's coal-combustion residuals processing system to a closed-pipe dry conveyor system from a wet processing system. The project is due for completion in 2018. ADRs fell 13% to $5.66.

Himax Technologies Inc. (HIMX) said Tuesday that the retirement of its chief technology officer last week had been long-planned and wouldn't affect the Taiwan chip maker's business and technology development. Further, it said, despite an assembly issue at a customer that an investment bank highlighted last week, second-quarter results were at least at the high end of its guidance. ADRs rose 7% to $8.02.

M&G Investments, the asset-management arm of Prudential PLC (PRU, PRU.LN, K6S.SG, 2378.HK), said Tuesday that it had stopped trading in a GBP4.4 billion ($5.73 billion) U.K. property fund while Aviva Investors (AV, AV.LN) said it had also stopped trading in its GBP1.8 billion Aviva Investors Property Trust. A day earlier, Standard Life Investments suspended trading in a GBP2.9 billion U.K. commercial real-estate fund. The decisions were made after an increase in redemption requests as a result of uncertainty after the U.K. vote to leave the European Union. Prudential's ADRs fell 3.2% to $68.74 while Aviva's fell 8% to $9.85.

ADRs of Israeli biotechnology company Can-Fite BioPharma Ltd. (CANF, CFBI.TV) fell 20% to $2.11 on Tuesday after the company reported that a Phase 2 trial of a glaucoma treatment failed to meet its main goal, showing no statistically significant differences between the treated group and those taking a placebo. "Based on these overall results we see no immediate path forward in glaucoma," said Pnina Fishman, PhD, chief executive of Can-Fite BioPharma.

(END) Dow Jones Newswires

July 05, 2016 18:19 ET (22:19 GMT)

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