Qiwi Leads Declines Among European ADRs as Markets Pressured by Russia Sanctions, Malaysia Airliner Crash

By MidnightTrader.com Staff,

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Qiwi Plc ( QIWI ) led declines among American depositary receipts of European companies Thursday after the U.S. and European Union set tougher sanctions against Russia. Markets also fell on news that a Malaysian passenger plane had crashed in Ukraine.

President Barack Obama announced the sanctions targeting Russian banks and energy companies because of Russia's military support for separatists in Ukraine.

European ADRs fell 1.1% on average to a week low, as measured by the Bank of New York Europe ADR Index, compared with a 0.7% declined for the S&P 500 Stock Index. Europe ADR decliners led advancers 91 to 15.

Qiwi Plc ( QIWI ), a Russian operator of payment systems, fell 7% to $41.36 per ADR.

BP Plc ( BP ), the U.K. energy company that owns a stake in Russia's state-controlled Rosneft, fell 2.3% to $51.09 per ADR.

Mechel OAO ( MTL ), a Russian mining company, fell 3.6% to $1.90 per ADR. The company said it sold off its ferroalloys unit after selling two plants in 2013.

Vimpelcom Ltd. ( VIP ), a Dutch company that operates telephone networks in Eastern Europe, fell 3.6% to $8.65 per ADR.

European banks that fell on the sanctions included: ING Groep ( ING ) -3.2%, Royal Bank of Scotland Group Plc (RBS) -2.6%, Barclays Plc (BCS) -2.5%, National Bank of Greece (NBG) -2.3% and Bank of Ireland (IRE) -2.1%.

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 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: QIWI , BP , MTL , VIP , ING

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