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ADRs Close Higher; Nokia Trades Actively

01/11/2022 | 05:53pm EDT

International stocks trading in New York closed higher on Tuesday.

The S&P/BNY Mellon index of American depositary receipts rose 1.7% to 165.87. The European improved 0.8% to 149.74. The Asian index rose 2.6% to 218.26. The Latin American index rose 3.1% to 184.78. And the emerging-markets index rose 3.1% to 356.87.

Nokia Corp. was among those whose ADRs traded actively.

U.S. officials on Tuesday ordered 600,000 doses of Covid-19 treatment sotrovimab, the only monoclonal antibody therapy thought to work against the Omicron variant, as a record number of cases puts hospitals under increasing pressure in parts of the U.S. and Europe. Sotrovimab, made by GlaxoSmithKline PLC and Vir Biotechnology Inc., is the only Covid-19 monoclonal antibody available for patients in the U.S. The government paused distribution of two other treatments, made by Regeneron Pharmaceuticals Inc. and Eli Lilly & Co., in late December, after early laboratory tests suggested they lost effectiveness against the new strain. Glaxo's ADRs closed 0.5% higher at $45.04.

Nokia Corp. expects its 2021 operating margin to exceed guidance after getting a boost from one-offs in the fourth quarter related to venture fund investments, a one-off software contract in the second quarter, bad debt provision reversals, and some other one-time gains. ADRs rose 1.1% to $6.24.

Heavy rains in the Brazilian state of Minas Gerais, home to iron ore mines belonging to companies including Vale SA, Companhia Siderúrgica Nacional and Usinas Siderúrgicas de Minas Gerais SA, have curtailed some operations and boosted concerns about safety of workers and tailings dams, according to Moody's Investors Service. The impact of the rain implies at least a momentary increase in iron ore prices and is modestly credit negative for those companies, Moody's said. Prolonged flooding would probably cut output, hitting cash flow and revenue in a more significant way, the ratings company said. Brazil produces about 20% of the world's iron ore, and Minas Gerais is the country's second-biggest producer of the mineral after Para state, Moody's said. Vale's ADRs closed 4% higher at $15.24; Companhia Siderúrgica Nacional's ADRs closed 2.1% higher at $4.43; and Usinas Siderúrgicas de Minas Gerais, whose sponsored ADRs trade in New York over the counter, closed 6% higher at $2.94.

 -- WSJ Staff 

(END) Dow Jones Newswires

01-11-22 1752ET

Stocks mentioned in the article
ChangeLast1st jan.
COMPANHIA SIDERÚRGICA NACIONAL S.A. 3.98% 20.63 Delayed Quote.-20.61%
EURO / BRAZILIAN REAL (EUR/BRL) -0.18% 5.1335 Delayed Quote.-18.76%
GLAXOSMITHKLINE PLC 1.02% 1782 Delayed Quote.9.80%
GOLD -0.02% 1853.44 Delayed Quote.0.89%
MOODY'S CORPORATION 2.03% 295.15 Delayed Quote.-25.94%
NOKIA OYJ 0.68% 4.6395 Delayed Quote.-17.33%
ON SEMICONDUCTOR CORPORATION -1.01% 55.89 Delayed Quote.-16.87%
REGENERON PHARMACEUTICALS, INC. 3.14% 681.91 Delayed Quote.4.69%
S&P GSCI GOLD INDEX 0.22% 1081.98 Real-time Quote.1.08%
SILVER -0.07% 21.752 Delayed Quote.-6.70%
VALE S.A. 2.04% 82.92 Delayed Quote.4.23%
VIR BIOTECHNOLOGY, INC. -0.90% 24.14 Delayed Quote.-41.82%
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