ADRs in Focus: Japanese shares rise

Shares of Honda Motor Co. and Nissan Motor Co. made the biggest gains on an index of Asian-based ADRs Wednesday, a day after the Japanese car makers said their May U.S. sales jumped as consumers shifted toward more fuel-efficient brands.

The Bank of New York Asia ADR Index rose 1.10 points to 164.28. ADRs, or American Depositary Receipts, are securities designed to allow U.S. investors to trade shares of companies based overseas.

Honda added $2, or 6 percent, to $35.44. On Tuesday, its American counterpart said May U.S. sales rose 15.6 percent to 167,997 in May, helped by sales of its Civic and Accord models.

Nissan said its sales rose 8 percent, with a 19 percent increase in car sales offsetting a 10 percent decline in trucks. ADR shares gained 68 cents, or 3.9 percent, to $18.27.

Shares of Japan-based Makita Corp. climbed $1.83, or 4.4 percent, to $43.50 after a Citi Investment Research analyst upgraded the power tools maker to "Buy" from "Hold," predicting earnings growth, particularly in emerging markets.

Orix Corp. shares added $3.60, or 3.8 percent, to $98.79. Tuesday, Goldman Sachs analyst Takehito Yamanaka removed the financial products and services company from a "Sell" list and upgraded the shares to "Neutral." Yamanaka said the Tokyo-based company will benefit from higher long-term interest rates.

The Bank of New York Japan Index added 1.10 to 164.28 while the broader Bank of New York Composite ADR Index lost 1.89, or 1.1 percent, to 177.80.