Amarin Leads Gains in European ADRs After Favorable Journal Article; Nokia Down on Amazon.com Phone

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Amarin Corp. ( AMRN ) led gains among American depositary receipts of European companies Thursday as the region's markets advanced after the Federal Reserve offered an upbeat opinion on the economy and lowered its forecast for long-term interest rates.

The Bank of New York Mellon Europe ADR Index gained 0.3%, compared with a flat reading for the S&P 500 Stock Index. European ADR advancers led decliners 58 to 49.

Amarin rose 5.2% to $1.63 per ADR after an article in the New England Journal of Medicine on cholesterol helped the maker of a triglyceride treatment.


GW Pharmaceuticals Plc ( GWPH ) gained 3.3% to $89.73 per ADR after the drugmaker priced the sale of depositary shares at $86.83 each.

Mining stocks showed broad gains as metal prices rose as the dollar weakened on dovish comments Thursday by the Federal Reserve. Advancers included Randgold Resources Ltd. ( GOLD ) +4.6 and BHP Billiton Ltd. ( BHP ) +1.3%.

Oil companies gained as oil futures rose on continued concern about the Iraqi conflict's effect on supply. Gainers included Eni Spa ( E ) +1.7%, Total (TOT) +1.2% and Royal Dutch Shell Plc (RDS-A, RDS-B) +0.02%.

CGG (CGG) gained 2.8% to $14.43 per ADR as the French maker of seismic equipment benefited from elevated energy prices.

Portugal Telecom (PT) rose 1.1% after Moody's Investors Service raised its credit rating on the telephone company to Baa3, or investment grade, from Ba2.

Nokia Corp. (NOK) led decliners with a 6.1% slide to $7.82 per ADR after Amazon.com Inc. (AMZN) entered the handset market with the unveiling of its first smartphone on Wednesday.

Alstom (ALSMY) fell 6.1% to $3.73 per ADR after General Electric Co. (GE) revised its offer for the company's energy business.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: AMRN , GWPH , GOLD , BHP , E

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