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European ADRs Head South as Pharma Stocks Contract

American depository receipts of European stocks were 0.7% lower at 118.60 on the Bank of New York Mellon Europe ADR Index on Monday morning.

Decliners in Continental Europe were led by CGG ( CGG ), a manufacturer of geophysical equipment, 4.8% lower, followed by Ascendis Pharma ( ASND ), a Danish clinical stage biopharmaceutical company, down by 3.9% and DBVT ( DBVT ), French clinical-stage biopharmaceutical company, also trading 3.9% lower.

In the UK, Lloyds Banking Group ( LYG ) was 2.6% lower, followed by Amec Foster Wheeler ( AMFW ), a global engineering conglomerate, down by 2.4% and Fly Leasing (FLY), an aircraft leasing company, 2.4% lower.

Gainers in Continental Europe were led by Nokia (NOK), a technology investor, trading 2.5% higher, followed by Materialise (MTLS), a Belgian provider of 3D printing software and services, up by 1.5% and Sequans Communications (SQNS), a French developer of chipset solutions, 1.4% higher.

And, in the UK, Akari Therapeutics (AKTX), a development-stage biopharmaceutical company, was 14.1% higher, followed by Royal Bank of Scotland (RBS), up by 3.1% and Luxfer (LXFR), a materials technology company, trading 1.7% higher.

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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