ADR Shares End Higher Amid Hints of a Debt-Ceiling Reprieve

   By Michael Calia 
 

International companies trading in New York closed higher Thursday as stocks in general were buoyed by encouraging signs that lawmakers in Washington were getting closer to ending a deadlock over the U.S. debt ceiling.

The Bank of New York index of American depositary receipts added 1.8% to 144.93.

House Republicans on Thursday offered a measure that would raise the U.S. debt limit for six weeks, a step the White House called encouraging. The measure, however, wouldn't reopen the government, which has been partially shut down for a week and a half. Still, stocks rallied on the debt ceiling proposal, as it could lead to the U.S. avoiding a default.

The European index rose 1.9% to 139.15.

Telecom Italia SpA (TI, TIA, TIT.MI) shares jumped 3.5% to $9.12 as it denied a report that said it may seek at least 9 billion euros ($12 billion) from the sale of its Brazilian asset TIM Participacoes (TSU). On Wednesday, Bloomberg reported Italy's largest telecommunications company could consider selling its Brazilian asset in a move to pay down its huge EUR29 billion debt.

Pearson PLC's (PSO, PSON.LN) Financial Times will next year launch a single print edition across all its international markets--including the U.K.--in a further shift of the business newspaper's strategy toward digital output. The FT plans to redesign its print edition and invest more in its website. Pearson was up 3.9% to $20.75.

The Asian index rose 1.5% to 147.89.

Luxury automaker Jaguar Land Rover, owned by India's Tata Motors Ltd. (TTM) on Thursday posted record sales for September with year-to-date sales already exceeding its performance for the whole of 2012, as demand for both brands increased in all regions with a particularly strong contribution from China. The manufacturer said it sold 43,181 vehicles in September, up 17% on the year. Tata shares rose 5.7% to $30.43.

Most Chinese solar companies were up amid news that the unit price of polysilicon panels fell again this week, while midstream cell and module prices remained firm. Hanwha SolarOne Co. (HSOL) was up 9.2% to $5.33, China Sunergy Co. (CSUN) was up 5.1% at $5.53, ReneSola Ltd. (SOL) was up 4.3% to $5.55, and Trina Solar Ltd. (TSL) was up 5% to $16.04.

The Latin American index rose 2.3% to 296.62, and the emerging markets index rose 2.1% to 279.40.

Companhia Brasileira de Distribuicao (CBD, PCAR4.BR), Brazil's largest retailer in terms of revenue, posted an increase in net sales in the second quarter, home-appliance sales rose. The company, which is controlled by France's Casino Guichard-Perrachon SA (CGUSY, CO.FR), said its net revenue totaled 14.1 billion Brazilian reais ($6.34 billion), up 15.8% from the year-prior period. Its gross revenue totaled BRL15.72 billion, up 9.7%. The company's stock was up 5.8% to $50.73.

Chile's CorpBanca SA (BCA, CORPBANCA.SN) sold real-estate assets for $83.5 million, the company said Thursday. CorpBanca, controlled by CorpGroup SA, is the country's fourth-largest private bank by loan volume. CorpBanca stock was up 4.1% to $17.78.

Write to Michael Calia at [e-mail]

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