European ADRs Move Higher

American depository receipts of European stocks were 0.63% higher at 123.69 on the Bank of New York Mellon Europe ADR Index on Thursday morning. Gainers in Continental Europe were led by Oasmia Pharmaceutical (OASM), a Sweden-based pharmaceutical company, 8.1% higher, followed by Banco Bilbao Vizcaya Argentaria (BBVA), a Spanish financial group, up by 4.5%, and TiGenix (TIG), a Belgium-based biopharmaceutical company, up by 3.0%. Telefonaktiebolaget LM Ericsson (ERIC), a telecommunications company, was 2.8% higher.

In the UK, low-cost airline Ryanair (RYAAY) was 3.1% higher, followed by Trinity Biotech (TRIB), a manufacturer of medical diagnostic products, 2.0% higher and Unilever (UL), a Dutch consumer goods company, up by 1.7%. Amarin (AMRN), a biopharmaceutical company, was 1.5% higher.

Decliners in Continental Europe were led by CGG (CGG), a manufacturer of geophysical equipment, down by 4.4%, followed by STMicroelectronics – New York Shares (STM), an Italian semiconductor company, 2.4% lower and Forward Pharma (FWP), a Danish biopharmaceutical company, down by 1.5%. Edap (EDAP), a French medical devices developer, was 1.4% lower.

By Stephen Holmes