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US-listed shares of overseas companies rallied on Friday, led by European banking stocks on growing hope that central banks will steady markets if Greece's weekend election causes turmoil in the financial system next week. There are few American depository receipts of Greek companies. The primary issue, National Bank of Greece, rallied 13 percent to $1.82 a share on 9.62 million shares on Friday, more than eight times average daily volume over the past 50 days.
The stock has gained 55 percent in the last four days. Coca-Cola Hellenic Bottling fell, losing 1.7 percent to $16.70 a share with just over 3,000 shares changing hands. Shares of European bank ADRs were strong. Barclays rose 4.8 percent to $12.70, the Royal Bank of Scotland gained 9.7 percent to $7.83, and shares of Germany's Deutsche Bank rose 3.8 percent to $36.51. Banks are expected to be the most vulnerable as the euro zone crisis goes on and particularly if Spain's financial health deteriorates further.
The rallies of the last two days suggest investors believe the expectations of central-bank assistance will overwhelm the outcome of Greece's election, even if the left-wing SYRIZA party, which is against the euro zone bailout, should come out on top. The BNY Mellon index of leading American depository receipts rose 1.4 percent, while the Standard & Poor's 500 index rallied 1 percent, and the BNY Mellon index of leading European ADRs was up 1.3 percent.
G20 officials told Reuters Thursday central banks from major economies stand ready to take steps to stabilise financial markets if the Greek elections cause major market turbulence. Investor focus has been centered on the Greek elections, scheduled for Sunday. The BNY Mellon index of leading Asian ADRs was up 1.6 percent and the BNY Mellon index of leading Latin American ADRs was up 1.3 percent.

Copyright Reuters, 2012

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