European ADRs Show Broad Gains as Stronger Chinese Data Lift Miners; BNP Rises After U.S. Settlement

By Staff,

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American depositary receipts of European companies showed broad gains on Tuesday as stronger Chinese factory data helped mining and metals companies.

The Bank of New York Mellon Europe ADR Index gained 0.7%, compared with a 0.6% gain for the S&P 500 Stock Index. Advancers led decliners 74 to 31.

Mining and metals companies gained on stronger factory data from China, whose PMI rose to an eight-month high of 50.7 in June. The gainers included BHP Billiton Plc ( BBL ) +1.9%, Rio Tinto Plc ( RIO ) +1.4%, James Hardie Industries Plc ( JHX ) +0.9% and Ternium ( TX ) +0.7%.

BNP Paribas ( BNPQY ) rose 3.7% to $35.29 per ADR after the French bank pleaded guilty to two felony counts as part of an $8.8 billion settlement to an investigation of alleged violations of U.S. trade sanctions.

Europe ADR gainers included Voxeljet Ag (VJET) +9.7%, STMElectronics NV (STM) +4.5% and Materialise Nv (MTLS) +3.7%.

Intercontinental Hotels Group Plc (IHG) fell 7.6% to $41.55 per ADR. Loews Corp. (L) agreed to buy the Intercontinental Chicago O'Hare Hotel from River Road Hotel Partners Llc, which filed for bankruptcy five years ago.

Portugal Telecom SGPS Sa (PT) fell 4.1% to $3.51 per ADR after a news report that two people had resigned from its board of directors, possibly affecting its merger with Brazil's OI Sa (OIBR), which fell 5.2% to $0.81.

European ADR decliners included Luxottica Group Spa (LUX) -1.5%, Flamel Technologoies Sa (FLML) -1.5% and Shire Plc (SHPG) -1.3%.

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

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: BBL , RIO , JHX , TX , BNPQY

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