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14-05-2012 22:41:00

ADR Report: Shares Fall As Spanish Banks Drag

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By Corrie Driebusch

Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- International companies trading in New York ended lower Monday, in line with the broader market, as political gridlock in Greece fueled fears that the country could exit the euro zone.

The Bank of New York index of ADRs fell 2% to 118.17 as Spain announced increased provisioning requirements for its banks, which some analysts said remain insufficient.

Banco Bilbao Vizcaya Argentaria SA (BBVA) said on Monday it sees a EUR1.8 billion impact from the new measures. Separately, Societe Generale cut its rating to sell from hold. Shares tumbled 4% to $6.42.

Shares of Banco Santander SA (STD) shed 3.4% to $6.02.

The European index dropped 1.9% to 108.89.

Other banks in the region also fell after Greek antibailout party Syriza said over the weekend it would not take part in a coalition government to help put austerity measures in place.

Societe Generale SA (SCGLY, GLE.FR) declined 5% to $4.18 and Credit Agricole SA (CRARY, ACA.FR) dropped 6.4% to $2.06.

The Asian index declined 1.5% to 118.51 as energy stocks fell.

Crude-oil futures fell Monday to a fresh 2012 low below $95 a barrel about mounting worries about the state of Greece's economy and rising global oil supplies.

Shares of PetroChina Co. (PTR, K3OD.SG, 0857.HK, 601857.SH) dropped 2.7% to $131.18, CNOOC Ltd. (CEO, 0883.HK) ended off 3% at $187.16 and Sinopec Shanghai Petrochemical Co. (SHI, K3DD.SG, 0338.HK, 600688.SH) tumbled 4.1% to $31.76.

The Latin American index shed 3.2% to 317.15 and the emerging markets index lost 2.7% to 272.73.

Leading Brazilian pulp producer Fibria Celulose SA (FBR, FIBR3.BR) reported a loss of 10 million Brazilian reais ($5.1 million) in the first-quarter due to a reduction of pulp prices in the period, the company said Monday in a statement. Shares of Fibria fell 2.3% to $7.10.

Chilean flagship carrier LAN Airlines SA's (LFL, LAN.SN) first-quarter net profit fell year-on-year partly due to lower Brazilian demand for goods as that country's economy is slowing, LAN Chief Financial Officer Alejandro De la Fuente said Monday.

LAN's shares dropped 2.9% to $26.40 as its first-quarter net profit decreased 22% on-year to $76 million as its cargo business revenue grew only 6% on-year to $368 million, from a 30% on-year gain to $346 million in 2010's first quarter. Shares of TAM SA (TAM, TAMM4.BR), with which LAN will start operating as a single company in mid-June, also declined, off 3.5% at $23.16.

-By Corrie Driebusch, Dow Jones Newswires; 212-416-2143; corrie.driebusch@dowjones.com

(END) Dow Jones Newswires

May 14, 2012 16:41 ET (20:41 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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