European ADRs at 10-day Highs Buoyed By Growth in Banks


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Depository receipts of European stocks reached a 10-day high on Friday buoyed by growth in financial institutions and telecommunications providers, a move slightly offset by declines in biosciences companies.

The Bank of New York Mellon Europe ADR Index was up 0.75% to 150.86 during Friday's morning session, coinciding with new figures showing that the UK economy grew by 3.2% in Q2 compared to the same period a year earlier. This was ahead of expectations for 3.1% growth during the period and represented the best economic performance since the financial crisis in 2008.

Dutch banking giant ING Groep ( ING ) expanded 1.87% whilst VimpelCom-Com ( VIP ), a holding company for telecommunications operators, lifted 1.78%.

Koninklijke Philips Electronics - New York Shares ( PHG ) also grew 1.78% and was followed by Banco Santander ( SAN ), which rose 1.34%.

Software services provider Alcatel Lucent ( ALU ) was up 1.27% and metal mining giant Rio Tinto (RIO) lifted 1.27%. Vodafone (VOD) also expanded by 1.07%

Decliners during the morning session were led by Sequans Communications (SQNS), a developer of semiconductor solutions, which was down 1.59%.

Voxeljet AG (VJET), a manufacturer of 3D printers, also fell 1.46% and bisciences company Amarin (AMRN) was down 1.09%.

Gold miner Randgold Resources (GOLD) slid 1.01%, hardware marketer Logitech (LOGI) dipped 0.84% and bioscience company Grifols (GRFS) contracted 0.34%.

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This article appears in: Investing , Commodities
More Headlines for: ING , VIP , PHG , SAN , ALU

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