Markets

European ADRs Hit Two-Week High on Telecommunication Gains

Depository receipts of European ADRs hit a two-week-high during Monday morning's trading session, helped by gains in telecommunications companies that were slightly offset by a contraction in financial institutions.

An hour after the main trading session started, the Bank of New York Mellon Europe ADR Index was up 0.45% to 150.48.

Leading the gainers in Continental Europe was integrated steel and mining company Arcelor Mittal ( MTS ), which rose 1.45%. It was closely followed by French telecommunications equipment company Alcatel-Lucent ( ALU ), up 1.26%.

Swedish communications and technology services company Telefonaktiebolaget LM Ericcson ( ERIC ) expanded 0.75% and mobile-phone company Nokia ( NOK ) jumped 0.65%.

In the UK, British-Swedish pharmaceutical and biologics company AstraZeneca ( AZN ) jumped 2.17%, biopharmaceutical company Amarin (AMRN) rose 1.10% and multinational semiconductor company ARM (ARMH) lifted 1.40%.

Telecommunications company Vodafone (VOD) expanded 0.88% in the UK and petroleum supplier BP (BP) increased 0.61%.

Declines in continental Europe were seen in National Bank of Greece (NBG) which slid 1.25%. It was followed by Aegon (AEG), down 0.77% and energy company Statoil (STO), which was 0.50% lower.

In the UK, gold mining company Randgold Resources (GOLD) led decliners contracting 0.71% and mining, metals and petroleum company BHP Billiton (BBL) slid 0.43%

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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