ADR REPORT-Shares bounce as mining stocks rebound on gold

Tue Apr 16, 2013 12:28pm EDT
 
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By Ryan Vlastelica

NEW YORK, April 16 (Reuters) - U.S.-listed shares of overseas companies rose on Tuesday, rebounding off two days of steep losses as mining stocks recovered alongside a rise in gold prices.

Gold has been pressured recently, slumping more than 10 percent over the past two sessions. The decline hit mining and material shares and contributed to the drop of nearly 3 percent in American Depositary Receipts over the same period.

The precious metal rebounded on Tuesday, advancing 2.7 percent, and investors used the recent decline as a chance to pick up shares of beaten-down material companies.

Shares of global miner BHP Billiton rose 2.5 percent to $66.42 while South Africa's AngloGold Ashanti added 1.6 percent to $18.59. Gold Fields rose 2.9 percent to $6.44. Mining giant Rio Tinto was up 1.8 percent at $45.60.

The BNY Mellon index of leading American depositary receipts rose 1.1 percent while the benchmark Standard & Poor's 500 index gained 1.1 percent.

The BNY Mellon index of leading European ADRs was up 0.9 percent, though European shares fell 0.7 percent, dropping for a third straight session as weak German data heightened concerns about earnings growth.

The BNY Mellon index of leading Asian ADRs rose 1.4 percent, while the BNY Mellon index of leading Latin American ADRs was up 1 percent.