International stocks trading in New York edged mostly higher on Wednesday.
Continue Reading Below
Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) was among the companies with ADRs that traded actively.
The BNY Mellon index of American depositary receipts rose 0.02% to 144.24, the Asian index climbed 0.15% to 169.13, the Latin American index advanced 1.06% to 245.76 and the emerging markets index rose 0.53% to 316.29. Meanwhile, the European index slipped 0.16% to 133.52.
Drugmaker Teva is facing a class-action lawsuit filed in Pennsylvania on behalf of investors. The complaint alleges Teva, which makes and distributes generic medicines, made false and misleading statements regarding its business and outlook. The case alleges that the poor performance of Teva's U.S. generics business resulted in an impairment charge that was a key factor in cutting its dividend by 75%. ADRs in Teva slipped 3.1% to $16.49.
ADRs in Porto Alegre, Brazil-based Gerdau SA (GGB, GGBR3.BR, GGBR4.BR) rose roughly 4% to $3.65. Gerdau, which provides steel-related products and services worldwide, has benefited from a rally in commodities prices. Stronger-than-expected economic growth in China, a weaker U.S. dollar and government-led capacity cuts have buoyed bullish sentiment in metals futures this year to multiyear highs. Bullish investors are pushing the prices of copper, aluminum and other industrial metals, betting that recent signs of resurgent global growth and falling supplies will stoke demand for raw materials.
ADRS of Petroleo Brasileiro SA (PBR, PETR3.BR, PETR4.BR), or Petrobras, rose 1.7% to $9.13. Aldemir Bendine, who was at the helm of state-run oil giant between 2015 and 2016, and at state-owned bank Banco do Brasil before then, has been charged with corruption, money laundering and obstruction of justice. Through his lawyer, Mr. Bendine has denied wrongdoing. The former CEO has said he never solicited or received any bribes.
Continue Reading Below
ADRs of Rio Tinto PLC (RIO, RIO.LN, RIO.AU) rose 2.5% to $47.31. The Anglo-Australian miner is enjoying a hot streak in the sector. Fueled by a sharp rise in commodity prices, companies such as BHP Billiton Ltd., Glencore PLC and Rio Tinto are flush with cash again, boosting dividends, cutting debt and shelling out cash for expansion projects. Just a couple of years ago, they were trying to survive a historic downturn in the sector.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
August 23, 2017 19:15 ET (23:15 GMT)