ADR REPORT-Coca Cola Hellenic up in New York
NEW YORK, Oct 12 (Reuters) - The New York-traded shares of Coca Cola Hellenic rose sharply on Friday, a day after the bottling company said it was leaving Greece, making the shares a standout in an otherwise flat market.
The announcement by the drinks bottler that it was switching its primary listing from Athens to London and moving its corporate base to stable Switzerland is a bitter blow to the debt-crippled nation but a likely boost for the company.
JPMorgan raised its rating on the stock to overweight from neutral while SocGen raises its price target for the company's shares to 13.50 euros. The shares closed up 6.4 percent at $21.75 on the New York Stock Exchange.
The BNY Mellon index of leading American depositary receipts
fell 0.1 percent, while the Standard & Poor's 500 index
fell 0.3 percent.
U.S. stocks wrapped up their worst week in four months, led lower on Friday by financial shares as results from Wells Fargo and JPMorgan ignited concerns about shrinking profit margins for big lenders.
STMicroelectronics said it was not planning to split itself up, contrary to a report that Europe's top semiconductor maker was considering a breakup. The stock rose 6.4 percent to $6 in New York.
The BNY Mellon index of leading European ADRs edged down 0.04 percent, while the FTSEurofirst 300 index of top shares closed down 0.5 points.
Indian software services provider Infosys Ltd again disappointed investors hoping for a more robust growth outlook, undermining its standing as the country's information technology bellwether and sending its shares down almost 8 percent.
The BNY Mellon index of leading Asian ADRs fell 0.4 percent and the BNY Mellon index of leading Latin American ADRs
dipped 0.3 percent.
(Reporting by Edward Krudy; Editing by Dan Grebler)
Keywords: MARKETS STOCKS/ADRS