ADR Report - ADRs mixed ahead of ECB rate meeting
Reuters, Monday, November 01, 1999 at 11:25
NEW YORK, Nov 1 (Reuters) - American Depositary Receipts
(ADRs) were mixed Monday with European ADRs slightly lower amid
expectations of a European Central Bank interest rate hike and
enthusiasm about Japan's economic prospects buoying some Asian
ADRs.
The Bank of New York index of leading ADRs <.BKADR> was
flat at 136.49, with the index of leading European ADRs
<.BKEUR> down 0.10 percent at 141.52 and the index of Asian
ADRs <.BKASIA> up 0.27 percent at 136.62.
The bank's index of Latin American ADRs <.BKLATAM> eased
0.19 percent to 89.76 while the Dow Jones Industrial Average
(INDEX:$INDU) struggled to maintain its gains. It was up eight points
in morning trading at 10,738.
Several European markets, including France, Italy and
Spain, were closed for a public holiday.
BP Amoco Plc (ISEL:BPA) (NYSE:BPA) ADRs eased 1/4 to 57-1/2.
Unilever NV (NYSE:UN) ADRs fell 1-7/16 to 65-1/4. Aegon NV
(AMS:AEGN) ADRs dipped 1-15/16 to 90.
Some telecom stocks gained amid an aura of consolidation in
the sector. Vodafone AirTouch Plc (NYSE:VOD) (ISEL:VOD) ADRs rose
amid talk it could be a takeover target.
British Telecommunications Plc (ISEL:BT) (NYSE:BTY) ADRs gained
two to 182.
Nokia Corp. (NYSE:NOK) ADRs, however, slipped 2-13/16 to
112-3/4 as investors took profits after the stock hit record
highs last week.
Optimism about Japan's economic prospects boosted Asian
issues overnight but ADRs were either only modestly higher or
even slightly off.
"ADRs got ahead of themselves Friday so it makes sense that
they have backed off a bit and have come down to meet overseas
parity," said Adam Mattessich, vice president of international
equity trading at Cantor Fitzgerald.
Nippon Telegraph and Telephone Corp. (NYSE:NTT) (TOKYO:9432)
climbed 1-3/4 to 79-1/8 as new stock mutual funds bought into
favored sectors.
Easing concerns about the Daewoo Group's debt problems only
had a modest impact on Korean ADRs.
South Korea Telecom Co. (NYSE:SKM) ADRs rose 5/8 to 13-11/16.
Korea Electric Power (KOREA:15760) (NYSE:KEP) ADRs gained 5/8 to
16-3/8.
Copyright 1999, Reuters News Service |
