Markets

European ADRs Settle Higher in Morning Session Buoyed by Banking Gains

American depository receipts of European stocks were trading 1.3% higher at 127.32 on the Bank of New York Mellon Europe ADR Index on Friday morning.

Gainers in Continental Europe were led by Unilever ( UN ), a consumer goods company, 3.4% higher, followed by National Bank of Greece ( NBG ), up by 3.3% and Dutch technology company ASML - New York Shares ( ASML ), trading 2.6% higher. Telecommunication company Telefonaktiebolaget LM Ericsson ( ERIC ) was up by 2.6%.

In the UK, microprocessor designer ARM ( ARMH ) advanced by 3.5% while high street banks Barclays Bank (BCS) and HSBC (HSBC), jumped by 1.8% and 1.3%, respectively, and pharmaceutical company AstraZeneca (AZN) edged up by 1.4%.

Decliners in Continental Europe were led by Spanish energy company Abengoa (ABGB), 8.3% lower, followed by pharmaceutical companies Innocoll (INNL) and Flamel Technologies (FLML), down by 4.4% and 2.5%, respectively, and steel production company ArcelorMittal (MT) was down by 2.2%.

And, in the UK, mining companies Randgold Resources (GOLD) and Rio Tinto (RIO) were 2.7% and 0.8% lower, respectively, while pharmaceutical company GW Pharmaceuticals (GWPH) edged 2.1% lower. Fly Leasing (FLY), a commercial aircraft leasing company, contracted by 0.6%.

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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