Qiwi Leads Gains Among European ADRs After Pricing Offering; GW Pharmaceuticals Rallies on Epilepsy Drug


Qiwi Plc ( QIWI ) led decliners among American depositary receipts of European companies on Tuesday after pricing a public offering of ADRs.

The Bank of New York Europe ADR Index fell 0.2%, compared with a 0.1% gain for the S&P 500 Stock Index. Europe ADR decliners led advancers 56 to 45.

Qiwi, a provider of payment services in Russia, fell 2.6% to $40.55 per ADR after pricing the ADR sale at $40 each. The company plans to use the proceeds from the sale for general corporate purposes.

Statoil Asa ( STO ) led declines among energy producers as oil prices slid below $107 a barrel on subsiding worries about the Iraqi conflict's effect on supply. The Norwegian company fell 1.8% to $31.27 per ADR. BP Plc ( BP ), Total Sa ( TOT ) and Royal Dutch Shell Plc (RDS-A) all fell less than 1%.

GW Pharmaceuticals Plc ( GWPH ) rallied 16% to $89.37 per ADR to lead gainers. The company said its experimental cannabis product Epidiolex showed positive results in treating epilepsy.

Vodafone Group (VOD) gained 0.7% to $33.11 per ADR after settling a dispute over interconnection charges with Loop Telecom, which has more than 3 million users in Mumbai.

Mechel Oao (MTL) rose 3% to $2.37 per ADR after saying it improved operations by consolidating product shipments at its Mecheltrans unit.

Europe ADR gainers included Voxeljet Ag (VJET) +4.6%, Portugal Telecom (PT) +2.1% and Flamel Technologies Sa (FLML) +2%.

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: QIWI , STO , BP , TOT , GWPH

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