Sequans Leads Declines Among European ADRs as German Joblessness Rises


Sequans Communications SA ( SQNS ) led declines among American depositary receipts of European companies Wednesday as the region's markets showed mixed trade.

German unemployment unexpectedly rose for the first time in six months to 2.905 million people. Economists had forecast a drop in joblessness.

The Bank of New York Mellon Europe ADR Index fell 0.5%, compared with a flat reading for the S&P 500 Stock Index.

Sequans, a French maker of smartphone chips, fell 5.8% to $1.73 per ADR, the fifth day of declines since reaching a one-month high on May 22.

Orange ( ORAN ), France's biggest phone company, fell 3.8% to $15.79 per ADR, alongside declines in Portugal Telecom ( PT ) -3.6% and Turkcell ( TKC ) -3.5%.

Russian miner Mechel OAO ( MTL ) fell 3.9% to $2.01 per ADR as metals producers were pressured following comments by China's largest developer that housing supply increasingly exceeds demand. Rio Tinto Plc (RIO) also fell 2.7%.

Smith & Nephew Plc (SNN) rose 3.2% to $2.56 per ADR following a news report that Stryker Corp. (SYK) planned to bid for the maker of artificial joints. Stryker later denied the report.

European ADR gainers included Abengoa SA (ABGB) +9%, Telecom Italia (TI) +8.1% and Amarin Corp. (AMRN) +8.2%.

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.

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

This article appears in: Investing , Commodities

Referenced Stocks: SQNS , ORAN , PT , TKC , MTL

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