Markets

Lloyds Banking Group Leads Declines Among European ADRs After Pricing Banking Spinoff

Lloyds Banking Group Plc ( LYG ) led decliners among American depositary receipts of European companies after pricing a spin-off. Most European markets pushed toward multiyear highs.

The Bank of New York Mellon Europe ADR Index fell 0.2%, compared with a 0.2% gain for the S&P 500 Stock Index. Advancers led decliners 52 to 49.

Lloyds fell 2.3% to $5.33 per American depositary receipt after pricing the initial public offering of its TSB unit below book value to attract investors. The offering represents about 25% of the bank network.

Decliners included Flamel Technologies Sa ( FLML ) -1.3%, Luxfer Holdings Plc ( LXFR ) -1.1% and Trinity Biotech Plc ( TRIB ).

Miners advanced after Chinese data that the country's exports in May advanced 7% from the prior year. BHP Billiton Ltd. ( BHP ) , while Mechel OAO (MTL-P) rose 6.4% to $0.33.

Europe's gainers included National Bank of Greece (NBG) +3.5%, Amarin Corp. (AMRN) +2.7% and Edap TMS Sa (EDAP) +2.2%.

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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