Clients, who follow the European markets in its early hours, will surely welcome the possibility to compare closing prices of selected stocks from the previous night with prices of their ADRs (American Depository Receipts - in essence receipts on the shares traded on New York Stock Exchange). Considering the U.S. exchanges trade at least 3-4 hours after European bourses close, the price of the ADR can react much more flexibly to latest developments on the market. Closing price of the ADR, converted to local curency, then serves as a very good indication of advancing/declining stocks and indicates where the theoretical opening price of the local share will be.
The table is constructed using official closing price of both local shares and ADRs in the U.S. Price is then converted to one common currency, which is the local currency of the local share. The first two columns show respective prices both on the local market and on the ADR market. The last column compares the closing price of the share with the price of its ADR - figure below 100% indicates price increase (i.e. ADR closed higher than local share) while figure above 100% indicates price fall (local share closed higher than its ADR). Should the difference between local close and ADR close price be minimal, it is probably due to transfer and transaction costs - its impact on share price in European trading will be minimal.
| Company |
Cls. price: |
Cls. price: |
Local mkt. vs. |
| name |
local mkt. |
ADR |
ADR |
| ABN AMRO HOLDINGS (EUR) |
14,72 |
14,62 |
100.67% |
| AEGON NV (EUR) |
7,89 |
7,92 |
99.65% |
| ALCATEL (EUR) |
6,9 |
6,89 |
100.13% |
| ALLIANZ AG (EUR) |
54 |
54,53 |
99.03% |
| ASTRAZENECA (GBP) |
22,68 |
22,67 |
100.03% |
| AXA (EUR) |
12,2 |
12,15 |
100.43% |
| BARCLAYS (GBP) |
3,85 |
3,88 |
99.25% |
| BBVA (EUR) |
8,16 |
8,07 |
101.15% |
| BSCH (EUR) |
6,25 |
6,3 |
99.17% |
| BP (GBP) |
4,29 |
4,27 |
100.42% |
| BRITISH TELECOM (GBP) |
1,71 |
1,72 |
99.53% |
| CS GROUP (CHF) |
25,95 |
26,03 |
99.71% |
| DAIMLER-CHRYSLER (EUR) |
28,3 |
28,43 |
99.54% |
| DEUTSCHE TELEKOM (EUR) |
10,37 |
10,46 |
99.16% |
| DIAGEO (GBP) |
6,77 |
6,77 |
99.97% |
| E.ON (EUR) |
38,8 |
38,56 |
100.62% |
| ENI (EUR) |
12,79 |
12,57 |
101.74% |
| ERICSSON B (SEK) |
6,05 |
6,07 |
99.7% |
| GLAXOSMITHKLINE (GBP) |
11,75 |
11,72 |
100.25% |
| HSBC (GBP) |
6,75 |
6,7 |
100.75% |
| ING GROEP (EUR) |
11,74 |
11,77 |
99.71% |
| LLOYDS TSB GROUP (GBP) |
3,54 |
3,55 |
99.58% |
| NOKIA (EUR) |
13,88 |
13,99 |
99.24% |
| NOVARTIS (CHF) |
51,8 |
51,6 |
100.39% |
| PHILIPS ELECTRONICS (EUR) |
16,22 |
16,16 |
100.36% |
| PRUDENTIAL (GBP) |
3,46 |
3,5 |
98.78% |
| ROYAL DUTCH PETROLEUM (EUR) |
39,23 |
38,96 |
100.68% |
| SHELL TRANSPORT (GBP) |
3,98 |
3,95 |
100.86% |
| SIEMENS AG (EUR) |
40,97 |
41,11 |
99.66% |
| SUEZ (EUR) |
12 |
11,9 |
100.88% |
| TELECOM ITALIA (EUR) |
6,47 |
6,55 |
98.77% |
| TELEFONICA (EUR) |
9,16 |
9,14 |
100.24% |
| TOTALFINAELF (EUR) |
120,9 |
120,17 |
100.61% |
| UBS (CHF) |
60 |
59,76 |
100.41% |
| UNILEVER (EUR) |
55,7 |
55,6 |
100.18% |
| VIVENDI UNIVERSAL (EUR) |
13,68 |
13,63 |
100.35% |
| VODAFONE GROUP (GBP) |
1,16 |
1,18 |
98.65% |