The FINANCIAL -- International
companies trading in New York closed mostly higher Friday, in line with
the broader market, on renewed hopes for a Greek bailout.
According to Borsa Italiana - London Stock Exchange Group, the Bank of New York index of ADRs rose 0.3% to 132.28. Banks were among the biggest gainers after German Chancellor Angela Merkel, Italian Prime Minister Mario Monti and Greek Prime Minister Lucas Papademos expressed confidence in a conference call Friday that euro-zone finance ministers would reach an agreement on outstanding issues when they meet Monday, a spokesman for Merkel said, boding well for a second Greek bailout.
French banks Societe Generale SA and Credit Agricole SA rose 5.9% to $6.31 and 3.1% to $3.33, respectively. Spanish banks Banco Santander ended up 1.3% at $8.46 and Banco Bilbao Vizcaya Argentaria SA closed 1% higher at $9.13.
The European index gained 0.5% to 120.87.
Cement maker Lafarge SA Friday said it posted a net loss in the fourth quarter after it was hit by higher prices of its raw materials and energy, negative currency swings and a write-off of EUR285 million on assets, mainly in Greece. But shares of the French company rose 7.3% to $11.35 as it said it plans to sell EUR1 billion worth of assets, cut costs by EUR400 million in 2012 and cut its dividend in half to reverse the negative trend.
Danish shipping company Torm A/S Friday said it has extended a temporary agreement with its bank group until March 1, 2012. Under the deal, Torm and its bank group have agreed on a deferral of loan instalments and a standstill on debt covenants, it said. Shares traded 17% higher at $0.90.
The Latin American index ended up 0.6% at 380.89 and the emerging markets index added 0.4% to 316.39.
Phone company Telecom Argentina SA said Friday its fourth-quarter net profit rose 18% amid higher mobile and broadband sales. Shares climbed 2% to $20.
Companhia Brasileira de Distribuicao posted fourth-quarter earnings of 361 million Brazilian reais ($210 million), up 43% from the same quarter a year ago, on a sharp rise in sales due to the country's burgeoning economy, the company said Thursday night. The Brazilian supermarket chain's stock jumped 6.6% to $46.97.
Offsetting those gains were South African gold miners, whose shares fell as gold futures edged lower Friday, ending flat on the week. Gold Fields Ltd. declined 2.8% to $15.90 and Harmony Gold Mining Co. slipped 1.6% to $12.67.
The Asian index fell 0.1% at 130.60.
Baidu Inc.'s fourth-quarter earnings soared 77% as the Chinese Internet search giant managed to wring more revenue from its growing base of advertisers. But earnings growth in the fourth quarter was its lowest in two years and Morgan Stanley said it is bearish on the search giant, saying its main base of customers, small-to-medium enterprises, are facing "unprecedented challenges in cost inflation, funding shortage and demand uncertainties." Baidu shed 3.5% to $136.90.
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