European ADRs Contract Despite Positive Eurozone Growth Data -- Edap Gains, CGG Lower

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European ADRs as a group contracted 0.61% to 150.65 on Tuesday morning, according to data published by the Bank of New York Melon Europe ADR Index.

The slight fall came despite fresh data showing that Eurozone growth accelerated at the start of the third quarter. U.S. stock markets were broadly lower in late-morning action.

The final Markit Eurozone PMI Composite Output Index, published on Tuesday, rose to a three-month high of 53.8 in July, up from 52.8 in June, but slightly lower than the earlier flash estimate of 54.0. The latest rate of expansion was the second-strongest in over three years, bettered only during this sequence by April's high.


Medical device manufacturer Edap ( EDAP ) led the ADR gainers, advancing 4.97% to $1.69. Kidney dialysis company Fresenius Medical Care ( FMS ) rose 2.28% to $34.59 and healthcare company Novo Nordisk ( NVO ) was up 1.54% to $46.09.

Mobile phone company Nokia ( NOK ) climbed 1.27% to $7.95 and food retailer Delhaize was up 1.18% to $16.35.

ADR decliners were led by Telecom Italia ( TI ), a communications provider, which was down 6.18% to $10.93.

CGG (CGG), a manufacturer of geophysical equipment, had fallen 4.11% to $9.56. Information technology solutions and communications company Alcatel-Lucent (ALU) was 3.8% lower at $3.29. National Bank of Greece (NBG) had also dropped 3.85% to $3.



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: EDAP , FMS , NVO , NOK , TI

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