ADRs End Slightly Higher; AB InBev and JD.com Trade Actively
International stocks trading in New York closed slightly higher Friday.
The BNY Mellon index of American depositary receipts rose 0.2% to 151.67. The European index increased 0.2% to 137.30. The Asian index rose 0.4% to 183.21. The Latin American index added 0.03% to 273.16, and the emerging-markets index gained 0.04% to 339.49.
Anheuser-Busch InBev (BUD) and JD.com Inc. (JD) and Dunxin Financial Holdings Ltd. (XNY) were among those with ADRs that traded actively.
Belgium-based AB InBev has proven it can be a shrewd dealmaker and effective cost cutter, but now it needs to drive up revenue and make its brands more appealing, says Jefferies. A cyclical recovery in emerging markets will help, but Jefferies says the group needs to shift its focus toward a "consumer pull" rather than a "distribution push." Jefferies says the integration of SABMiller should give the company the tools its needs to get started, but results won't be immediately apparent, as the first quarter is likely to be fairly weak. Jefferies increases its target price to EUR100 from EUR98. ADRs of AB InBev rose 1.1% to $110.63.
Chinese e-commerce company JD.com on Friday reported a narrower fourth-quarter net loss and said it expects revenue for the first quarter of 2018 to be up to 33% higher than the same period in 2017. The U.S.-listed Chinese online retailer saw a quarterly loss of 909.2 million Chinese yuan ($142.2 million), or CNY0.64 per ADS, compared with a loss of CNY1.72 billion, or CNY0.89, for the same period last year. Excluding items, the company reported an adjusted profit from continuing operations of CNY0.31 per ADS for the quarter, compared with CNY0.54 a year earlier. Sales rose to CNY110.17 billion, from CNY79.4 billion for the fourth quarter ended Dec. 31, 2016. ADRs of JD.com fell 5.2% to $43.80.
China Xiniya Fashion Ltd. (XNY) announced Friday that shareholders approved on Thursday changing the company's corporate name to "Dunxin Financial Holdings Limited." The company has reserved the ticker symbol "DXF," which will be effective as of the market open on March 5. ADRS of Dunxin Financial rose 2.6% to $5.15.
Write to Aisha Al-Muslim at firstname.lastname@example.org
(END) Dow Jones Newswires
March 02, 2018 18:02 ET (23:02 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.