ADR Report: Shares Fell As Market Anticipated Ratings Cuts By S&P
14 January 2012 - 9:29AM
Dow Jones News
International companies trading in New York ended lower Friday
as investors anticipated credit downgrades of a number of euro-zone
countries that were announced after the close.
The Bank of New York index of ADRs declined 1% to 121.21.
During Friday's session, France's finance minister said S&P
had notified the French government of its decision to downgrade the
country's credit rating to AA+ from AAA. After the close, S&P
confirmed the cut to France while announcing that it also gave
one-notch ratings cuts to Austria, Malta, Slovakia and Slovenia,
while it made two-notch downgrades to its long-term ratings on
Cyprus, Italy, Portugal and Spain.
France's big banks tumbled during Friday's session on the
statement from France's finance minister. Credit Agricole SA
(CRARY, ACA.FR) lost 3.3% to $2.64, and Societe Generale SA (SCGLY,
GLE.FR) declined 1.4% to $4.21.
The European index fell 1.2% to 111.39.
Dutch financial services company ING Groep NV (ING, INGA.AE) may
sell more of its banking assets if it is to repay the state aid it
received during the financial crisis, Chief Executive Jan Hommen
said Friday. ING Groep also said it will take more time to repay
state aid as it seeks to protect its capital base during market
turmoil and, in another sign of worsening conditions, scaled down
the financial targets for its banking unit. Shares of ING Groep
closed 4.1% lower at $7.66.
Norwegian energy company Statoil ASA (STO, STL.OS) said late
Thursday it shut down production at its Snohvit gas field in the
Barents Sea and the production of liquefied natural gas at its
Melkoya plant outside Hammerfest, Norway due to a ruptured fire
water line that happened Wednesday. Shares were down 2% to $25.
The Latin American index lost 1.1% to 348.60 and the
emerging-markets index slipped 0.8% to 288.17.
Heavy rains in Brazilian mining areas in the past several weeks
have slowed mineral-ore output and will hurt Vale SA's (VALE,
VALE5.BR) results, Deutsche Bank said. It estimated the company has
lost two million metric tons of production, resulting in a
first-quarter earnings hit of some $115 million. Shares of Vale
finished 2.9% lower at $22.61.
Shares of Mexico's biggest broadcast and media company Grupo
Televisa (TV, TLEVISA.MX) fell 4.1% to $20.70 as concerns lingered
that the country's antitrust regulator could be preparing to reject
its tie-up with Mexican mobile phone company Grupo Iusacell. A
decision by the Federal Competition Commission, or CFC, on whether
to approve the partnership is expected within the coming weeks.
The Asian index declined 0.3% to 117.99
Private equity firm TPG Capital made contact with a series of
Japanese technology firms about a potential joint investment in
some of Olympus Corp.'s (OCPNY, 7733.TO) businesses, people
familiar with the matter said Friday. The contacts between TPG and
potential partners come as the scandal-hit maker of cameras and
medical imaging equipment desperately seeks capital to shore up its
balance sheet, which has been deeply hit by a $1.5 billion
loss-hiding scandal. Shares of Olympus were down 2.9% to
$16.02.
Declines in the market also hurt the shares of Chinese solar
companies. JA Solar Holdings Co. (JASO) shares tumbled 9.9% to
$1.82, Hanwha SolarOne Co. (HSOL) fell 8% to $1.84 and Trina Solar
Ltd. (TSL, K3KD.SG) closed 7.3% lower to $9.57.
-By Maya Pope-Chappell, Dow Jones Newswires; 212-416-3670;
Maya.pope-chappell@dowjones.com
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