ADRs End Lower; AngloGold Ashanti, ArcelorMittal Decline
10 May 2016 - 8:43AM
Dow Jones News
International stocks trading in New York closed lower on
Monday.
AngloGold Ashanti Ltd. (AU, ANG.JO) and ArcelorMittal (MT,
MT.FR, MT.AE) were among the companies with ADRs that traded
actively.
The BNY Mellon index of American depositary receipts edged down
0.5% to 121.53. The European index eased 0.1% to 120.06, the Asian
index fell 0.8% to 128.25, the Latin American index fell 2.2% to
175.29 and the emerging markets index declined 1.6% to 224.61.
AngloGold Ashanti reported lower net debt and costs during the
first three months of 2016 despite lower gold production as the
company continued to benefit from a recovery in the gold price,
weak emerging-market currencies and cost cuts, according to a
limited quarterly update released Monday. The Johannesburg-based
mining company said its average selling price for gold was $1,185
an ounce for the three months ended in March, down 2.6% from $1,217
a year earlier, but up 7.3% from the last quarter of 2015. ADRs
fell 14% to $14.11.
ADRs of ArcelorMittal fell 9.5% to $4.76 on Monday, after the
Luxembourg-based steelmaker on Friday reported a narrower
first-quarter loss and projected improved earnings to come as steel
prices begin to recover, but cautioned that excess steel capacity
in China still remains a concern. Weak China trade data also
weighed on the sector.
Chinese internet regulators authorities ordered Baidu Inc.
(BIDU, K3SD.SG) to revamp the way it handles advertising results in
online searches, a week after after launching an investigation into
the Internet giant's advertising practices. Internet regulators
launched the investigation after the death of Wei Zexi, a college
student with cancer who had taken a therapy found through an online
advertisement on Baidu. ADRs of Baidu fell 2.6% to $169.49.
ADRs of Rio Tinto PLC (RIO, RIO.AU, RIO.LN) fell 7.9% to $28.47,
after the Anglo-Australian miner on Friday said it signed off on a
$5.3 billion expansion of a Mongolian copper mine that will ease
the mining giant's reliance on iron ore for profit and become one
of the world's biggest sources of the industrial metal.
Total SA (TOT, FP.FR) said it has agreed to buy Saft Groupe SA
in a deal that aims to bolster the French oil company's
competitiveness in clean energy. Total last month said it would
create a gas, renewable energy and power trading unit, a move
designed in part to diversify the company's revenue away from
highly volatile oil prices. ADRs fell 1.9% to $47.98.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
May 09, 2016 18:28 ET (22:28 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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