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European ADRs Edge Up as Tech and Telecommunication Stocks Rise

American depository receipts of European stocks were trading 0.4% higher at 131.66 on the Bank of New York Mellon Europe ADR Index on Friday morning.

Gainers in Continental Europe were led by Italian semiconductor company STMicroelectronics ( STM ), 3.3% higher, followed by Telefonaktiebolaget LM Ericsson ( ERIC ), a provider of communications technology and services, up by 1.7% after the company announced on Wednesday it will collaborate with telecom companies in Japan and Qatar to develop 5G technologies. Technology major Koninklijke Philips Electronics - New York Shares ( PHG ) was 1.5% higher after being initiated by ING Group with a hold rating.

In the UK, engineering conglomerate Amec Foster Wheeler ( AMFW ) was 2.5% higher while Royal Bank of Scotland ( RBS ) edged up by 1.3% and Amarin (AMRN), a biopharmaceutical company, was 1.0% higher.

Decliners in Continental Europe were led by National Bank of Greece (NBG), 15.8% lower, followed by Abengoa (ABGB), down by 28.3% after the Spanish renewable energy and engineering group said early Friday that CEO Santiago Seage stepped down two days after the company started pre-insolvency proceedings. VoxelJet (VJET), a German three-dimensional printer manufacturer, was trading 3.1% lower.

And, in the UK, commodity stocks BHP Billiton (BBL) and Rio Tinto (RIO) were 4.4% and 2.2% lower, respectively, while Barclays Bank - Series 5 Preferred Shares (BCS PRD) was down by 1.7%.

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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