ADR Report-Higher oil drags foreign shares lower, Statoil up

NEW YORK, March 4 (Reuters) – Worries about the effect of
rising oil prices in the global economy dragged overseas shares
traded in the United States lower on Friday.

Brent crude prices (LCOc1: Quote, Profile, Research) hovered near $116 a barrel as
Libyan security forces violently cracked down on protesters in
Tripoli and clashed with rebels near a major oil terminal.

American depositary receipts of major European energy
companies were among the best performing of the session, with
Statoil ASA (STL.OL: Quote, Profile, Research) (STO.N: Quote, Profile, Research) up 2 percent to $27.57 after
hitting its highest since September 2008.

The Norwegian company buoyed the Bank of New York Mellon
index of European oil and gas ADRs (.BKEOG: Quote, Profile, Research), which was near
break-even for the day.

Asian shares were the largest drag, with Japanese companies
posting some of the biggest losses as the yen strengthened
against the U.S. dollar, hurting exporters.

ADRs of Honda Motor Co (7267.T: Quote, Profile, Research) (HMC.N: Quote, Profile, Research) fell 2.4 percent to
$42.76 and industrial electrical equipment maker Nidec Corp
(6594.OS: Quote, Profile, Research) (NJ.N: Quote, Profile, Research) dropped 3.5 percent to $22.32.

The BNY Mellon index of Japanese ADRs (.BKJP: Quote, Profile, Research) fell 1.6

Overnight, Tokyo’s Nikkei (.N225: Quote, Profile, Research) average climbed for a
second session buoyed by Wall Street’s gains on Thursday, which
came on the heels of expectations for a big rise in U.S.
payrolls, and a weaker yen.

Data earlier in the week had raised expectations about
Friday’s employment report, which showed job gains roughly in
line with forecasts. For details see [ID:nOAT004757].

The BNY Mellon index of leading American Depositary
Receipts (ADRs) (.BKADR: Quote, Profile, Research) fell 0.9 percent while the U.S.
benchmark S&P 500 index (.SPX: Quote, Profile, Research) lost 1.2 percent.

For the week, ADRs were holding on to a 0.3 percent gain.
(Editing by James Dalgleish)