ADR Report: Shares End Slightly Higher, Boosted by Mining Stocks

   By Mia Lamar 
 

International companies trading in New York closed higher Monday, propped up by broad gains for mining shares.

The Bank of New York index of ADRs edged up 0.2% to 129.58.

Mining shares rose as metals prices rallied on better-than-expected economic data from China and buying ahead of the U.S. Federal Reserve's policy-setting meeting this week.

South Africa's Harmony Gold Mining Co. (HMY, HAR.JO) jumped 4.1% to $8.08, Brazil's Vale SA (VALE, VALE5.BR, VALE3.BR) added 2.2% to $18.38, and Russia's Mechel OAO (MTL, MTLR.RS) jumped 2.9% to $6.43.

The European index edged up 0.1% to 123.51.

Financial shares slumped, limiting gains for the index. Political uncertainty in the euro zone was running high Monday after Italian Prime Minister Mario Monti said he was prepared to resign.

Spain's Banco Santander (SAN, SAN.MC) fell 2% to $7.44, France's BNP Paribas SA (BNPQY, BNP.FR) slumped 1.5% to $28.09, and Dutch banking giant ING Groep (ING, INGA.AE) fell 1.5% to $9.20.

Greek shares were higher, however, after Greece extended the deadline for participating in its bond-buyback program until Tuesday 12:00 London time, or 7 a.m. Eastern. The initial deadline was last Friday at 5 p.m. London time.

The National Bank of Greece SA (NBG, ETE.AT) jumped 2.3% to $1.82. Hellenic Telecommunications Organization SA (HLTOY, HTO.AT) gained 4.8% to $2.86.

The Asian index ended flat at 124.32.

Canada approved Cnooc Ltd.'s (CEO, 0883.HK) $15.1 billion takeover bid for oil-sands operator Nexen (NXY, NXY.T), the most ambitious bid by a foreign government-owned entity so far to enter North America's booming energy industry. Shares rose 0.2% to $217.29.

The Latin American index jumped 1.1% to 320.12, and the emerging markets index gained 0.7% to 280.80.

Argentina's recently nationalized YPF SA (YPF, YPFD.BA), which is courting investors in a bid to help the South American nation develop its huge shale-gas resources, is holding talks with Norway's Statoil ASA (STO, STL.OS), a YPF official said Monday.

Getting the Norwegian giant to bear the costs of some exploration and production would represent a coup for YPF as it attempts to reassure potential investors following Argentine President Cristina Kirchner's April expropriation of a majority stake held by Spanish oil firm Repsol SA (REPYY, REP.MC).

YPF shares surged 6.3% to $12.76 in U.S. trade.

Write to Mia Lamar at [e-mail]