ADRs End Higher; U.K. Financial Firms Rise
21 June 2016 - 7:44AM
Dow Jones News
International stocks trading in New York closed higher on
Monday.
The BNY Mellon index of American depositary receipts rose 2.4%
to 122.98. The European index increased 2.6% to 121.13; the Asian
index improved 2% to 130.81; the Latin American index rose 2% to
176.79; and the emerging markets index increased 1.9% to
228.42.
U.K. banks and insurers were among the companies with ADRs that
traded actively.
Stocks, sterling and oil soared at the start of the week after
polls suggested the U.K. was more likely to vote to remain in the
European Union in Thursday's referendum than previously expected.
The prospect of a U.K. exit from the EU had sent stocks around the
world tumbling in recent sessions, while bond yields dropped to
record lows as investors feared the move would spark a prolonged
period of uncertainty and deal a blow to growth and trade in the
world's fifth-largest economy. Among British companies with ADRs,
Lloyds Banking Group PLC (LYG, LLOY.LN) rose 8.1% to $4.21, Royal
Bank of Scotland Group PLC (RBS, RBS.LN) advanced 7.1% to $6.94,
Barclays PLC (BCS, BARC.LN) increased 6.8% to $10.27, Aviva PLC
(AV, AV.LN) rose 5.5% to $12.55 and Prudential PLC (PUK, PRU.LN,
2378.HK, K6S.SG) increased 5.3% to $37.37.
Wal-Mart Stores Inc. (WMT) intends to sell its online e-commerce
marketplace in China to the country's No. 2 e-commerce company as
part of a strategic tie-up, the companies said. JD.com Inc. (JD),
the second-largest online retailer in China after Alibaba Group
Holding Ltd. (BABA), would take ownership of the Yihaodian
marketplace platform from Wal-Mart in an all-share deal, the
companies said. The move further helps consolidate JD.com's No. 2
position while it competes for market share against Alibaba's
TMall. ADRs of JD.com rose 4.6% to $21.06.
ADRs of Empresas ICA SAB (ICA, ICA.MX) rose 34% to 86 cents
Monday, one trading day after the struggling Mexican construction
company on Friday said it had secured a $215 million loan to fund
current and future work. The company also had outlined a plan to
become a much leaner company.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
June 20, 2016 17:29 ET (21:29 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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