ADR REPORT - Telebras (NYSE:TBR) tops ADR action
Reuters, Monday, February 09, 1998 at 14:04
By Ian Simpson
NEW YORK, Feb 7 (Reuters) - Brazilian telephone holding
company Telebras SA (SAO:TEL_.P) rose Monday to stand out in
quiet trade of American Depositary Receipts (ADRs) and foreign
shares.
Dealers said trade overall was slow because of a lack of
market-moving news and as leading European exchanges
consolidated last week's gains.
"We've been having some very, very strong markets
recently," a trader said. "I think it's just a bit of a lull
today."
Telebras, a bellwether among Latin American ADRs, was up
3-3/16 to 116-9/16 and was near the top of the most-active list
on the New York Stock Exchange.
Traders said Telebras was supported by investor sentiment
that the worst of Asia's economic crisis may have passed,
easing worry that money could flee Latin American and other
emerging markets.
Telebras also was boosted ahead of the expiration of
options Feb 18. "It's locals that are driving the market ahead
of options next week," a trader said.
Gulf Canada Resources Ltd (TSE:GOU) (NYSE:GOU) fell 11/16, or
12.1 percent, to five after the company said President and
Chief Executive J.P. Bryan had resigned.
Gulf Canada was the percentage-loss leader on the New York
Stock Exchange.
Israeli communications systems company Elbit Ltd (TEL:ELBT3)
(NASDAQ:ELBTF) was up 13/32, or 12 percent, to 3-17/32 in trade that
was six times normal daily volume.
A trader said there was no news moving Elbit. However, he
noted that the stock had fallen from a 52-week high of 4-20/32
in October and Elbit might appear to be a good value.
ADRs allow U.S. trade of foreign shares.
Copyright 1998, Reuters News Service |
