European ADRs Gain as Manufacturing Activity Rises in Eurozone

American depository receipts of European stocks were trading 0.5% higher at 140.57 on the Bank of New York Mellon Europe ADR Index on Wednesday after fresh data published by Markit Economics showed that growth of Eurozone manufacturing production accelerated to a ten-month high in March, underpinned by the fastest expansion of incoming new business since April of last year.

The stand-out performers in March were Ireland and Spain, which stayed in first and second places respectively in the Purchasing Managers' Index league rankings. Improved growth was meanwhile seen in Germany, Italy and the Netherlands. Rates of increase in German production and new orders both surged to 11-month records, supported by the steepest gain in new export business since July 2014.

Gainers in Continental Europe were led by Portguese telecommunications company Portugal Telecom ( PT ), up 5.7%, followed by Grifols ( GRFS ), a Spanish pharmaceutical and chemical company, 1.5% higher and Banco Bilbao Vizcaya Argentaria ( BBVA ), 1.3% higher.

Syngenta ( SYT ), an agribusiness operating in the crop protection and seeds businesses, was also up 1.3%.

In the UK, Randgold Resources ( GOLD ), which is involved in the exploration and development of gold deposits in Sub-Saharan Africa, gained 2.8% while high street banks Barclays Bank (BCS) and Lloyds Banking Group (LYG) lifted by 1.7% and 1.5% respectively. Oil and gas production company Royal Dutch Shell - B Shares (RDS.B) was also trading 1.1% higher.

Decliners in Continental Europe were led by Edap (EDAP), an advanced choice for intensity focused ultrasound treatment of localized prostate cancer, 3.9% lower, followed by National Bank of Greece (NBG), down 2.3%, and DBV Technologies S.A (DBVT), a French company focused on the development of products for the diagnosis and treatment of food allergies, down 1.5%. Luxembourg-based steel maker ArcelorMittal (MT) was also down 1.4%.

In the UK, health care company Shire (SHPG) slid 3.1% followed by GW Pharmaceuticals (GWPH), 1.7% lower and microprocessor designer ARM (ARMH), 1.3% lower. Medical devices business Smith & Nephew (SNN) was also trading 1.4% lower.

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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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