ADR Report-Brazilian shares up after rate increase

By Caroline Valetkevitch

NEW YORK, April 29 (BestGrowthStock) – U.S.-listed shares of
overseas companies rose on Thursday, with Brazilian shares
advancing after the country’s central bank raised interest
rates.

Greek shares traded in New York also rose amid hopes the
country is closer to a bailout deal involving euro zone
countries.

Brazil’s currency, the real,(BRBY: ) strengthened after the
interest rate hike, and analysts viewed the rate move as
positive for returns on Brazilian assets.

Shares of Brazilian miner Vale (VALE.N: ) rose 2.8 percent to
$31.27 in New York, and shares of state-controlled energy
company Petrobras (PBR.P: ) gained 2.6 percent to $42.80.

Receipts with the Bank of New York Mellon index of leading
Latin American American Depositary Receipts (ADRs) (.BKLA: )
jumped 2.7 percent, with stock indexes gaining across the
region.

The Bank of New York Mellon’s broad index of ADRs (.BKADR: )
was up 1.1 percent, meanwhile, and the U.S. benchmark S&P 500
index (.SPX: ) was up 1.3 percent.

Greece prepared for severe austerity measures to secure a
multi-billion euro aid package. Worries about debt problems in
Greece and other European nations have plagued financial
markets for weeks.

U.S.-listed shares of the National Bank of Greece (NBG.N: )
jumped 12.1 percent to $3.34.

A rise in oil prices also lifted energy ADRs. U.S. oil
futures (CLc1: ) were up $2.09, or 2.5 percent, at $85.31 a
barrel.

Shares of PetroChina (PTR.N: ) rose 0.9 percent to $116.38,
while shares of Spanish energy company Repsol (REP.N: ) advanced
3.2 percent to $23.26. The gain offset Wednesday’s decline in
Repsol’s New York-traded shares after Standard & Poor’s cut
Spain’s credit rating.

The Bank of New York Mellon index of leading Asian ADRs
(.BKAS: ) rose 1.1 percent, while its index of leading European
ADRs (.BKEUR: ) was up 0.8 percent.

Stocks

(Editing by Padraic Cassidy)

ADR Report-Brazilian shares up after rate increase