European ADRs Edge Higher as Oil Stocks Surge

American depository receipts of European stocks were 0.7% higher at 115.22 on the Bank of New York Mellon Europe ADR Index on Wednesday morning.

Gainers in Continental Europe were led by CGG (CGG), a manufacturer of geophysical equipment, 6.5% higher, followed by oil and gas production companies Statoil (STO) and Eni (E), up by 5.4% and 4.5%, respectively, while Vimpelcom-Com (VIP), a Dutch provider of telecommunications services, was 4.0% higher.

In the UK, Amec Foster Wheeler (AMFW), a global engineering conglomerate, was 6.6% higher, followed by the B and A shares of oil and gas production companies Royal Dutch Shell (RDS.B, RDS.A) and BP (BP), up by 4.3%, 3.8% and 3.4%, respectively.

Decliners in Continental Europe were led by Cellectis (CLLS), a French genome engineering company, 1.5% lower, followed by Koninklijke Philips Electronics – New York Shares (PHG), a Dutch diversified technology company, down by 1.4% and Marine Harvest (MHG), a Norwegian seafood company, down by 0.9%. Orange (ORAN), a French telecommunication services company, was 0.8% lower.

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