ADRs End Mixed; BP Falls
15 April 2016 - 8:51AM
Dow Jones News
International stocks trading in New York were mixed on
Thursday.
BP PLC (BP, BP.LN) was among the companies with ADRs that traded
actively.
The BNY Mellon index of American depositary receipts edged up
0.09% to 126.14. The European index rose 0.18% to 123.37, the Asian
index increased 0.21% to 135.68, the Latin American index fell 1.2%
to 184.10 and the emerging markets index edged down 0.5% to
239.12.
ADRs of oil giant BP fell 1.5% to $30.92 after a majority of its
shareholders voted against its executive pay policy, including a
hefty increase in Chief Executive Bob Dudley's compensation. This
vote, although non-binding, comes after a year when BP lost more
than $5 billion. Also weighing on investors' minds are comments
that BP's dividend may not be sacrosanct if oil prices remain
lower.
Carnival boosted its quarterly dividend by 17%, the second
increase in less than a year, as the cruise line operator has
benefited from lower fuel costs as well as higher booking volumes
and prices. The company is dual listed in the U.S. and Britain.
ADRs of Carnival PLC (CUK, CCL.LN) fell 19 cents to $53.46.
Robert Shafir, Credit Suisse Group AG's (CS, CSGN.EB) chairman
of the Americas region who stepped down from the executive board
late last year, is planning to leave the Swiss bank. Credit
Suisse's ADRs fell seven cents to $15.01.
The Canadian unit of one of China's largest oil and gas
companies is on track to start operations at a new
35,000-barrel-per-day oil-sands plant later this year despite crude
prices being below break-even levels for the project, a senior
executive said. PetroChina Co.'s (PTR, 0857.HK, 601857.SH, K3OD.SG)
Brion Energy unit plans to begin steaming operations at its MacKay
River oil-sands site in northern Alberta later this year and
produce first oil in early in 2017. PetroChina's ADRs fell 11 cents
to $68.98.
Royal Bank of Scotland Group PLC (RBS, RBS.LN) is cutting 600
jobs across its retail division, according to a a trade union. The
bank, which is 73% owned by the U.K. government, is cutting back
its branch network as its customers move online and it looks to
save on costs. Of the 600 jobs, 200 are in London and the south
east of England, The Wall Street Journal reported, citing a person
familiar with the matter. ADRs rose 38 cents to $51.70.
A majority of Smith & Nephew PLC's (SNN, SN.LN) shareholders
voted down the company's pay decisions for its top executives, over
a rift on how it awarded bonuses. The medical-device maker said 53%
of investors opposed its remuneration report for 2015, though the
nonbinding vote won't affect last year's management pay packages.
ADRs rose 1.2% to $34.41.
Unilever reported a rise in underlying sales for the first
quarter as the consumer-goods giant sold more products at higher
prices. However currency fluctuations weighed on the Anglo-Dutch
company's overall revenue. ADRs of Unilever PLC (UL, ULVR.LN) fell
seven cents to $46.17 and Unilever NV (UN, UNA.AE) decreased 18
cents to $45.30.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
April 14, 2016 18:36 ET (22:36 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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