ADRs End Mostly Higher

By Bowdeya Tweh and Maria Armental Features Dow Jones Newswires

International stocks trading in New York were mostly higher on Thursday.

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Gerdau SA (GGB, GGBR3.BR, GGBR4.BR) was among the companies with ADRs that traded actively.

The BNY Mellon index of American depositary receipts edged 0.03% higher to 144.27. The European index gained 0.10% to 133.65, the Latin American index advanced 0.83% to 247.74 and the emerging markets index rose 0.15% to 316.72.

Meanwhile, the Asian index fell 0.29% to 168.64.

Gerdau, one of the largest steelmakers in the Americas, said Thursday its founding family will exit the group's executive management after more than a century at its helm, as the company fights allegations of tax fraud. The head of Brazil's operations, Gustavo Werneck, will take over as chief executive in January, succeeding Andre Gerdau Johannpeter, who will remain on the steelmaker's board of directors, Gerdau said in a statement Thursday. ADRs in Gerdau fell 0.3% to $3.64.

Cnooc Ltd. (CEO, 0883.HK) swung to a net profit of 16.25 billion yuan (US$2.44 billion) in the first half from a net loss of CNY7.74 billion a year ago, partly on higher revenue from sales of oil and gas. ADRs in Cnooc rose 4.1% to $120.67.

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PetroChina Co. (PTR, 0857.HK) also reported a stronger profit in the first half of the year. PetroChina's revenue rose 32% to CNY975.91 billion on higher prices of crude oil, natural gas and other products as well as an increase in sales volume. ADRs in PetroChina rose 2.3% to $64.30.

Write to Bowdeya Tweh at Bowdeya.Tweh@wsj.com and Maria Armental at Maria.Armental@wsj.com

(END) Dow Jones Newswires

August 24, 2017 18:38 ET (22:38 GMT)