ADRs End Mixed
20 September 2017 - 8:15AM
Dow Jones News
By Ezequiel Minaya
International stocks trading in New York closed mixed on
Tuesday.
Rio Tinto PLC (RIO, RIO.LN, RIO.AU) was among the companies with
ADRs that traded actively.
The BNY Mellon index of American depositary receipts rose 0.38%
to 149.24. The European index climbed 0.46% to 138.81, the Asian
index advanced 0.34% to 172.89, the Latin American index fell 0.22%
to 258.21 and the emerging markets index declined 0.09% to
325.42.
ADRs of Rio Tinto rose 0.44% to $48.45 amid the company's search
for a new chief financial officer. The U.K.-listed miner announced
Friday its current CFO, Christopher Lynch, will retire by the end
of September 2018, having served in his role since April 2013. Like
its peers, Rio Tinto came under significant strain when commodity
prices started falling in 2014 and 2015, after a yearslong boom.
Now prices are once more on an upward trajectory.
ADRs of Sibanye Gold Ltd. (SBGL, SGL.JO) slumped 8.7% to $4.83
after the South African mining company said it would sell
convertible bonds that will dilute existing shareholder's equity.
The proceeds of $450 million in proceeds are to be used to
refinance a loan that was used, in part, to fund the acquisition of
U.S. platinum producer Stillwater last year, a $2.2 billion
deal.
ADRs of Teva Pharmaceutical Industries Ltd.'s (TEVA,
TEVA.TV)rose 1.2% to $17.19 as the drug maker announced change to
debt covenants which the company says will provide better
flexibility. Teva, like other generic drug makers has been hurt by
lower prices. The stock fell sharply last month after the company
missed earnings estimates, cut its guidance and slashed its
dividend. To right the ship, Teva has been selling assets and using
the cash to lighten its debt burden, and named a new chief
executive.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
September 19, 2017 18:00 ET (22:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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