Markets

Shire Leads Gains Among European ADRs After Rejecting Takeover Offer; Consumer Confidence Slips

Shire Plc ( SHPG ) led gains among American depositary receipts of European companies Friday after rejecting a takeover offer. The gain helped to lift the London's FTSE 100 index to its fourth straight gain, while other European markets fell on an unexpected decline in consumer confidence.

The European Commission's preliminary reading of its confidence index fell to -7.4 in June after reaching a six-year high of -7.1 a month earlier.

The Bank of New York Europe ADR Index was flat to down by less than 1%, compared with a slim gain by the S&P 500 Stock Index. European ADR decliners led advancers 58 to 45.

Shire Plc jumped 15% to $219.66 per ADR after the drugmaker rejected a $46 billion takeover offer of cash and stock from Abbvie Inc. ( ABBV ).

Europe's ADR gainers included Luxottica Group Spa ( LUX ) +3.4%, Abengoa Sa ( ABGB ) +2.6% and CGG ( CGG ) +1.8%.

The decline in consumer confidence pressured a broad range of companies, including Orange (ORAN) -3.1%, CRH Plc (CRH) -3%, Bank of Ireland (IRE) -2.9% and Telecom Italia (TI) -2.9%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

ABBV

Other Topics

Commodities

Latest Markets Videos