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CGG Leads Gains Among European ADRs as Energy Companies Rise with Oil Prices on Iraqi Conflict

By: MT Newswires
Posted: 6/13/2014 12:34:00 PM
Referenced Stocks: E;STO;TOT;MTL;CRTO

CGG led gains among American depositary receipts of European companies on Friday as oil prices advanced on concerns about conflict in Iraq.

The Bank of New York Mellon Europe ADR Index was flat, compared with a 0.3% gain for the S&P 500 Stock Index. Europe ADR decliners led advancers 53 to 25.

CGG, a French maker of seismic equipment used to find oil, surged 11% to $14.70 per ADR, the highest in five weeks as oil prices climbed.

Oil companies showing gains included Italy's Eni Spa ( E ) +2.1%, Norway's Statoil Asa ( STO ) +1.8%, Holland's Royal Dutch Shell Plc (RDS-B) +1% and France's Total ( TOT ) +1%.

Europe's ADR gainers included Mecel Oao ( MTL ) +2.6%, Criteo Sa ( CRTO ) +2.3% and Royal Bank of Scotland Group Plc (RBS) +1.8%.

Vimpelcom Ltd. (VIP) fell 4.2% to lead declines among European ADRs after Igor Lytovchenko decided to retire as chief executive of the telco's Ukrainian unit. Peter Chernyshov was named new CEO as of June 25.

ADR decliners included Belgian grocery chain Delhaize (DEG) -1.9% and CRH Plc (CRH) -1.6%.