Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

ADRs End Lower; ArcelorMittal, British American Tobacco and Argentine companies Trade Actively

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/12/2019 | 04:09pm EDT

International stocks trading in New York closed lower on Wednesday.

The S&P/BNY Mellon index of American depositary receipts fell 0.8% to 138.83. The European index fell 0.6% to 130.30. The Asian index decreased 1% to 158.19. The Latin American index decreased 0.8% to 240.42. And the emerging-markets index went down 1.2% to 295.13.

ArcelorMittal SA, British American Tobacco PLC and several Argentine companies were among those with ADRs that traded actively.

ArcelorMittal's shares may have reached rock bottom after losing around 50% of their value since early 2018, Goldman Sachs says. While the European steel market remains tough, share prices for steelmakers have dropped well below intrinsic valuations, suggesting they don't have much further to fall, the bank says. ArcelorMittal's proposed production cuts at its European mills, lower iron-ore prices and a potential review of EU tariffs all contribute to an improved outlook for the sector, Goldman says. The bank upgrades ArcelorMittal to buy from neutral and shaves its target price to EUR19.50 from EUR20.50. ADRs of ArcelorMittal fell 3% to $16.43.

British American Tobacco's overall group growth was encouraging, though its loss of cigarette market share in the year so far is set to cause jitters, says Jefferies. The brokerage says the market is likely to upgrade its earnings per share forecasts by 1-2% after the company's comments on the full-year outlook for sales, pretax earnings, adjusted operating margins and earnings per share. Still, it notes that one of BAT's core strengths has been continued share gains for the last several years. "The fact that cigarette volume share is down 10 basis points in the year to date is, therefore, likely to cause some concern," Jefferies analysts say. ADRs of British American Tobacco fell 5% to $39.96.

Shares of Argentine companies with American depository receipts that trade in New York rose amid recent press reports that Argentina may be talking with its larger neighbor, Brazil, about a currency union. The ADRs for Pampa Energia SA and Edenor SA (EDN), two utilities, rose 12.6% and 9.3% respectively, while construction-materials company Loma Negra Compania Industrial Argentina SA's (LOMA) shares jumped 6.4% and natural-gas firm Transportadora de Gas del Sur SA shares gained 4.6%. "A currency union is obviously a good idea in principle, especially for Argentina, whose institutions have yet to discover the secret sauce behind price stability," investment manager Ashmore said.

Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL -4.78% 14.066 Delayed Quote.-18.57%
BRITISH AMERICAN TOBACCO PLC 0.02% 2961.5 Delayed Quote.18.44%
EMPRESA DISTRIB. Y COMERCIALZADORA NORTE S.A. (EDENOR S.A.) 0.00%End-of-day quote.0.00%
EURO / ARGENTINE PESO (EUR/ARS) 0.11% 62.295 Delayed Quote.44.87%
EURO / BRAZILIAN REAL (EUR/BRL) 0.09% 4.603 Delayed Quote.1.70%
LOMA NEGRA COMPANIA INDUSTRIAL ARGENTINA SOCIEDAD ANONIMA 0.00%End-of-day quote.0.00%
PAMPA ENERGIA S.A 0.00%End-of-day quote.0.00%
TRANSPORTADORA DE GAS DEL SUR S.A. 0.00%End-of-day quote.0.00%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
05:09pDow Industrials Give Up Gains, Poised for Modest Weekly Loss
DJ
04:42pMARKET SNAPSHOT: Stocks Lose Steam To End Near Unchanged After S&P 500 Nears Record Territory
DJ
04:05pTSX rises 0.35 percent to 16,859.77
RE
03:38pWALL STREET STOCK EXCHANGE : S&P 500 Edges Higher, Nears Record Levels
DJ
02:56pFEDEX : Transports Keep Flashing Warning Signals Even as Stocks Flirt With Records
DJ
01:30pEUROPE : Bank rally leads European stocks higher
RE
12:47pLONDON MARKETS: U.K. Stocks Snap Three-day Losing Run
DJ
12:47pLONDON STOCK EXCHANGE : Banks propel FTSE higher after flurry of central bank meetings
RE
08:15aFEDEX : Transports Keep Flashing Warning Signals Even as Stocks Flirt With Records
DJ
08:15aWALL STREET STOCK EXCHANGE : S&P 500, Nasdaq Futures -- Technical Analysis
DJ
Latest news "Markets"