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European ADRs Climb as Telecommunication Stocks, Miners Log Gains

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American depository receipts of European stocks were 1.7% higher at 119.61 on the Bank of New York Mellon Europe ADR Index on Friday morning as gains from telecommunication and mining stocks offset losses among pharmaceutical companies.

Gainers in Continental Europe were led by Telecom Italia ( TI ), an Italian telecommunications company, 6.2% higher, followed by Abengoa ( ABGB ), a Spanish energy conglomerate, up by 4.9% and Nokia ( NOK ), a technology investor, also up by 4.9%. VimpelCom - Com ( VIP ), a Dutch provider of telecommunications services, was 4.3% higher.

In the UK, commodities companies BHP Billiton ( BBL ) and Rio Tinto (RIO) were 4.7% and 3.8% higher, respectively, while oil and gas major Royal Dutch Shell - A Shares (RDS.A) was up 3.8%.

Decliners in Continental Europe were led by Edap (EDAP), a French medical devices developer, 1.3% lower, followed by Forward Pharma (FWP), a Danish biopharmaceutical company, down by 1.0% and Cellectis (CLLS), a French genome engineering company, 0.3% lower. Biotie (BITI), a Finnish drug development company, was down by 0.3%.

And, in the UK, Luxfer (LXFR), a materials technology company, was 2.0% lower, followed by Midatech Pharma (MTP), a nanomedicine company, 1.5% lower and Shire (SHPG), a health care company, down by 0.9%. Low-cost airline Ryanair (RYAAY) was 0.4% lower.

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

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

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