ADRs End Mostly Lower; Air France-KLM, Electrolux Trade Actively

By Kathryn Hardison

International stocks trading in New York closed mostly lower on Friday.

The S&P/BNY Mellon index of American depositary receipts rose 0.7% to 125.17. The European index increased 1.3% to 123.77, the Asian index fell 0.1% to 136.11, the Latin American index dropped 0.8% to 184.80, and the emerging markets index decreased 0.4% to 234.33.

Air France-KLM SA and Electrolux AB were among the companies with ADRs that traded actively.

ADRs of Air France-KLM declined 15% after the airline group's third-quarter profit missed expectations due to travel disruptions at Amsterdam's Schiphol airport and rising fuel prices. However, passenger numbers continued to recover during the quarter.

ADRs of Electrolux rose 6% after the Swedish home-appliance manufacturer said its group-wide cost reduction and North American turnaround program aims to cut over 7 billion Swedish kroner ($639.5 million) in costs, and 3,500 to 4,000 jobs will be affected. The company said last month it was launching the program as demand in Europe and the U.S. fell sharply.

ADRs of Equinor ASA rose 2.6% after the Norwegian energy major raised its shareholder payout following higher-than-expected third-quarter earnings, driven by elevated gas production while oil and gas prices remained high. The company increased its extraordinary dividend to $0.70 from $0.50. It also said it will proceed with $1.83 billion of share buybacks as part of its $6 billion repurchase plan for the year.

Write to Kathryn Hardison at [e-mail]

(END) Dow Jones Newswires

10-28-22 1703ET