Markets

European ADRs Rise as Mining Stocks Rally

American depository receipts of European stocks were trading 1.0% higher at 144.70 on the Bank of New York Mellon Europe ADR Index on Tuesday.

Gainers in Continental Europe were led by Alcatel-Lucent ( ALU ), a provider of voice, data, and video services, 9.2% higher after Nokia confirmed in a statement that it is in advanced discussions with Alcatel-Lucent ( ALU ) for a potential merger transaction, which would take the form of an offer by Nokia for Alcatel-Lucent.

ArcelorMittal ( MT ), a Luxembourg-based company involved in the mining and steel industry, rose 4.2% and oil and gas companies Statoil ( STO ) and Total ( TOT ), were 3.3% and 1.8% higher respectively.

In the UK, biopharmaceutical company GW Pharmaceuticals ( GWPH ) gained 7.4% while mining companies Rio Tinto (RIO) and BHP Billiton (BBL) rose 4.8% and 4.3% respectively. High street bank Barclays Bank (BCS) was also up, by 2.1%.

Decliners in Continental Europe were led by Spanish multinational Abengoa (ABGB), down 1.0%, followed by technology company Nokia (NOK), 3.9% lower and semiconductor developer Sequans Communications (SQNS), down 3.4%.

National Bank of Greece (NBG) also contracted, by 2.4%.

In the UK, biopharmaceutical company Amarin (AMRN) fell 2.0% while Trinity Biotech (TRIB), a manufacturer of medical diagnostic products, slid 0.7% and cruise company Carnival (CUK) fell 0.5%.

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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