ADRs End Higher, Cosan and Deutsche Lufthansa Trade Actively

By Kathryn Hardison

International stocks trading in New York closed higher on Monday.

The S&P/BNY Mellon index of American depositary receipts rose 2.5% to 122.27. The European index increased 2.4% to 116.63, the Asian index rose 2.5% to 141.19, the Latin American index was 2.1% higher at 182.55 and the emerging markets index increased 2.9% to 245.05.

Cosan SA and Deutsche Lufthansa AG were among the companies with ADRs that traded actively.

ADRs of Cosan rose 3.9% after the Brazilian energy, transportation and sugar conglomerate said it has agreed to sell its Payly payments business to Raizen SA, a joint venture between Cosan and Shell PLC. Raizen, a fuel producer and distributor, agreed to pay 78 million reais ($14.7 million), for Payly Holding Ltda and Payly Instituição de Pagamentos SA, Cosan said.

ADRs of Deutsche Lufthansa rose 3.5% after the German carrier raised its full-year outlook for earnings and cash flow after third-quarter revenue almost doubled. The company also expects demand for air travel in the coming months to remain strong.

ADRs of Credit Agricole SA rose 3.5% after it said it has signed a memorandum of understanding with Royal Bank of Canada over a potential acquisition by its asset-servicing arm CACEIS of the Canadian bank's investor-services operations in Europe.

Write to Kathryn Hardison at [e-mail]

(END) Dow Jones Newswires

October 17, 2022 17:26 ET (21:26 GMT)

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