ADRs End Lower; Valneva, Tokio Marine Trade Actively

International stocks trading in New York closed lower on Wednesday.

The S&P/BNY Mellon index of American depositary receipts fell 0.9% to 136.80. The European index decreased 1.3% to 128.34, the Asian index fell 0.2% to 167.85, the Latin American index dropped 1.3% to 168.30 and the emerging markets index decreased 0.3% to 280.59.

Valneva SE and Tokio Marine Holdings Inc. were among the companies with ADRs that traded actively.

ADRs of Valneva fell 12% after the company said the European Commission approved an amendment to an advance purchase agreement for the company's inactivated whole-virus Covid-19 vaccine, following discussions of the commission's intent to terminate the agreement. The EU member states' purchases will consist of 1.25 million doses of the vaccine this year, with the option to purchase an equivalent quantity later in the year. The amendment will be signed after a mandatory five-day period during which member states can opt out, Valneva said.

ADRs of Tokio Marine rose 3.1% after the company said it plans to enact a 3-for-1 stock split, effective Oct. 1, to broaden its investor base.

ADRs of Akzo Nobel NV fell 2.5% after the company reported lower second-quarter net profit as it saw higher costs.

Write to Kathryn Hardison at [e-mail]

(END) Dow Jones Newswires

July 20, 2022 17:40 ET (21:40 GMT)

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