ADRs End Slightly Lower; AngloGold and Telecom Italia Trade Actively
International stocks trading in New York closed slightly lower on Monday.
The BNY Mellon index of American depositary receipts fell 0.03% to 153.09. The European index decreased 0.01% to 141.50. The Asian index edged up 0.3% to 179.63. The Latin American index fell 1.2% to 263.76. And the emerging-markets index dropped 0.2% to 330.79.
South Africa-based AngloGold said Monday that its chief executive, Srinivasan Venkatakrishnan, has resigned to become the new CEO of Vedanta Resources PLC (VEDL). Anglogold said Mr. Venkatakrishnan will remain in the CEO role until Aug. 30 and it has already has begun the search for his successor. The gold mining company said it intends to identify a replacement before his departure. ADRs of AngloGold fell 2% to $9.17.
Italy's Minister of Economic Development Carlo Calenda tells La Repubblica that state-controlled lender CDP bought a stake in Telecom Italia not to take over control but to support a project that includes the spinoff of its network business. CDP said earlier this month that it planned to build up a long-term stake in Telecom Italia of up to 5%. According to market regulator Consob, it now holds a 4.3% stake. ADRs of Telecom Italia rose 2.2% to $10.70.
In a rivalry to prove cancer drug combinations work better for advanced lung cancer, Merck & Co. (MRK) released late-stage results showing that a cancer drug combination using its Keytruda reduced risk of death by half in patients with advanced lung cancer. ADRs of U.K.-based Astrazeneca, another drugmaker working in the space, fell 1.6% to $35.75.
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