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European ADRs Gain as Oil and Gas Stocks Pick Up

American depository receipts of European stocks were trading 1.0% higher at 144.66 on the Bank of New York Mellon Europe ADR Index on Tuesday after economic data showed promising signs of growth in the eurozone.

Stocks were buoyed by fresh data which showed that the growth rate of the eurozone economy continued to improve in March. At 54.0, up from 53.3 in February, the final Markit Eurozone Purchasing Managers' Index Composite Output Index rose to an 11-month high and its joint-highest level for almost four years.

Gainers in Continental Europe were led by oil and gas companies Statoil ( STO ) and Total ( TOT ) up 2.8% and 2.3% respectively while Telecom Italia ( TI ), an Italy-based company engaged in the communications sector, traded 1.9% higher.

Alcatel-Lucent ( ALU ), a provider of voice, data, and video services, gained 1.8% while health care group Novartis ( NVO ) rose 1.8% and steel production company ArcelorMittal jumped 1.7%.

In the UK, health care group Shire (SHPG) expanded by 4.1%, metal mining company Rio Tinto (RIO) rose 2.6% and cruise company Carnival (CUK) jumped 1.9%. Oil and gas producer BP (BP) was also 1.8% higher.

Decliners in Continental Europe included Abengoa (ABGB), a provider of technological solutions for the engineering sector, down 5.1%, followed by semiconductor developer Sequans Communications (SQNS), 3.0% lower and National Bank of Greece (NG), down 2.3%. Spanish telecommunications company Telefonica (TEF) was also down 1.8%.

And in the UK, biopharmaceutical companies Celsus Therapeutics (CLTX) and Amarin (AMRN) fell 1.4% and 1.2% respectively. CSR, a provider of silicon, software and services for the consumer electronics market, also contracted by 1.1%.

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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