ADR Shares End Higher on 4th Day Of Government Shutdown
By Anna Prior
International companies trading in New York closed higher Friday amid optimism that progress may be made in the
stalemate in Washington over the weekend.
The Bank of New York index of American depositary receipts rose 0.3% to 144.93.
Whiles concerns over how the government shutdown might affect the economy and upcoming debt ceiling talks still exist,
some investors seemed to have hopes that U.S. lawmakers could be getting closer to agreeing on a budget deal and ending
the four-day government shutdown.
The European index edged up 0.2% to 139.53.
Financial stocks added to gains, with the Royal Bank of Scotland Group PLC (RBS, RBS.LN) rising 1.7% to $12.03, UBS AG
(UBS, UBSN.VX) adding 0.4% to $20.58, Deutsche Bank AG (DB, DBK.XE) rising 0.6% to $47.17 and Banco Santander SA (SAN,
SAN.MC) rising 3.5% to $8.66.
The Asian index climbed 0.6% to 147.21.
Charm Communications Inc. (CHRM), an advertising agency in China, said it has established a special committee of its
board of directors to consider the preliminary non-binding offer to be taken private by a consortium including its
chairman and founder, He Dang, that values the company around $180 million. Shares rose 0.9% to $4.36.
However, Chinese greenhouse vegetable producer Le Gaga Holdings Ltd. (GAGA) disclosed damages at its production bases
in Huidong, Guangdong province, caused by super typhoon Usagi. The company said the storm hit the company's production
bases on Sept. 22 and caused "substantial damage." Le Gaga said the damage caused by Usagi will affect production and
the company's business, results of operations and financial condition. The company wasn't able to quantify the effect as
it still evaluates the extent of the damage. Shares tumbled 10% to $3.19.
The Latin American index increased 0.7% to 294.73 and the emerging markets index added 0.6% to 278.95.
South African gold miners added to gains, with Harmony Gold Mining Co. (HMY, HAR.JO) rising 1.2% to $3.26, Drdgold
Ltd. (DRD, DRD.JO) rising 1.3% to $5.61, AngloGold Ashanti Ltd. (AU, ANG.JO) rising 0.5% to $12.77, and Gold Fields Ltd.
(GFI, GFI.JO) edging up 0.2% to $4.43.
Moody's downgrade of Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, backs up broader unease about the Brazilian
oil company's increasing debt load and ambitious plans to invest $237 billion through 2017, said brokerage house
Concordia. Still, Concordia maintained a "favorable" view on Petrobras for medium- and long-term investors and said that
despite the downgrade, Petrobras still holds an investment-grade rating. Shares edged down 0.1% to $15.70.
Write to Anna Prior at email@example.com
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