Citi recently published the Citi Depositary Receipt Services 2016 Midyear Report. The report has many interesting facts on depository programs. For instance, the number of unsponsored ADRs trading on the US market increased to over 1,640 due to strong investor demand.
The Ten Most Liquid ADRs as of Mid-Year 2016 based on Trading Volume are:
Click to enlarge
Note: LSE denotes the London Stock Exchange. So the two stocks noted are not American Depository Receipts.
The Ten Most Liquid ADRs as of Mid-Year 2016 based on Trading Value are:
Click to enlarge
Note: Data as of June 30, 2016
Source: Citi Depositary Receipt Services 2016 Midyear Report, Citi
Brazilian stocks top the ranking based on trading volume since global investors are returning to Brazil this year and also most the Brazilian ADRs’ prices have plummeted to $10 or less. So trading volume goes higher when prices are low. Once top-ranked firms such as Value(VALE), Petróleo Brasileiro S.A (PBR), etc. are trading for less than $10 a share.
Among the top 10 ADRs by trading value, just three are from the developed markets. Alibaba Group Holding Limited (BABA) of China tops this list. Currently the Amazon(AMZN) of China has a market cap of over $242 billion.
Disclosure: Long PBR
