ADRs Mostly Rise In New York Trading; BP Jumps 15.6%
|11/09/2020 | 05:28pm|
By Micah Maidenberg
The S&P/BNY Mellon index of American depositary receipts rose almost 2% Monday to 143.52. The European index closed at 116.23, 4% higher. The emerging-markets and the Asian indices slipped 0.4% and 0.3%, respectively, closing at 383.08 and 215.85. The index for Latin American ADRs, however, rose 5.2% to 160.13.
The ADRs for Anheuser-Busch InBev SA traded up 10.3% Monday as investors absorbed the news that a vaccine developed by Pfizer and partner BioNTech performed stronger than anticipated in protecting patients from the coronavirus. Demand from bars, restaurants and other outlets for the beer giant's drinks has been hampered this year, and a vaccine could increase orders from that set of customers should consumers return to drinking away from home more often. Last month, Chief Executive Carlos Alves de Brito told investors, "The environment remains very volatile and uncertain, especially as we see now increased on-premise restrictions in several markets like Europe."
Shares of BP PLC also surged Monday, in tandem with higher oil prices, including U.S. crude for December delivery, which jumped 8.5% to $40.29 a barrel. Overall, BP's ADRs were up 15.6% to $18.08.
Write to Micah Maidenberg at email@example.com
(END) Dow Jones Newswires