ADRs in Focus: Emerging markets index unchanged
NEW YORK—An index of emerging markets ADRs remained flat in afternoon trading Friday as investors faced a slew of economic data, including low American consumer confidence and high oil prices.
The Bank of New York Emerging Markets ADR Index -- which includes shares of companies based in China, Mexico, Brazil and more -- added 0.01 points to 368.45. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.
The Reuters/University of Michigan consumer sentiment index registered 62.6 in April, down to levels not seen in the U.S. since the 1980s. The numbers imply American consumers, who buy many goods made in emerging markets, have low faith in the current state of the economy.
Light, sweet crude prices hit $119.50 a barrel on the New York Mercantile Exchange during trading after news a ship under contract to the U.S. Defense Department fired warning shots at two Iranian boats.
Iran's official Arabic language television station, Al-Alam, said that the small boats involved in the incident were not Iranian, citing an unidentified Iranian navy official.
Shares of Mexico's America Movil SA de CV fell the most in the afternoon session, losing $8.18, or 12.6 percent, to $56.96. A Goldman Sachs analyst cut his rating on the mobile phone company, saying its growth is likely to dip after tepid first-quarter results.
Investors heavily traded the stock, with nearly 50 million shares trading hands.
Shares of China's Gushan Environmental Energy Ltd. dropped $1.88, or 13.1 percent, to $12.47.
China Unicom Ltd. shares fell 99 cents, or 4.5 percent, to $20.97.
On the gaining side of the index, shares of China's ReneSola Ltd. rose 81 cents, or 4.7 percent, to $18.08, with more than 1 million shares trading hands.
Shares of ICICI Bank Ltd. gained $2.01, or 4.5 percent, to $46.86.
Shares of Turkcell Iletisim Hizmetleri AS, a Turkish communications company, increased 76 cents, or 4 percent, to $19.93.
The Bank of New York Composite ADR Index gained 2.19 points to 181.54 as the U.S. markets were mixed in afternoon trading.
