ADRs Gain In New York Trading; Santander, AB InBev Trade Actively
19 July 2019 - 7:44AM
Dow Jones News
International stocks trading in New York rose on Thursday.
The S&P/BNY Mellon index of American depositary receipts
increased 0.5% to 142.17. The European index rose 0.5% to 131.73.
The Asian index was up 0.3% to 164.29 and the Latin American index
increased 0.7%, closing at 255.43. The emerging markets index
increased 0.6% to close at 309.94.
The ADRs for Banco Santander SA (SAN) traded actively. Shares in
the Spanish back fell about 1% Thursday after analysts at UBS
downgraded the company's stock to Neutral from Buy. Santander faces
a challenging interest-rate environment in Europe and weakness in
the U.K., the analysts said. Cost reductions Santander is pursuing
may also take longer than expected to materialize, according to
UBS.
Anheuser-Busch InBev SA/NV's (BUD) ADRs also traded actively,
with shares in the beer company gaining 1% to $89.34. AB InBev
recently called off a planned initial public offering of its Asian
business due to market conditions, canceling what would have been
the largest IPO of the year. The company had planned to use
proceeds from the offering to lower its debt load. Now, the company
may sell business units in South Korea, Australia and Central
America in order to raise funds to lower its debt, The Wall Street
Journal reported Thursday.
(END) Dow Jones Newswires
July 18, 2019 17:29 ET (21:29 GMT)
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