U.S.-traded shares of European companies headed higher Thursday, with the top gainers including wireless companies Telecom Italia SpA and Vodafone Group PLC.
Citi Investment Research analyst David Raso said the Italian Communications Regulatory Authority is proposing more modest rate cuts than he, and Telecom Italia, had expected over the next few years. The analyst said that will benefit Telecom Italia and Britain's Vodafone.
Telecom Italia shares gained $1.15, or 5.4 percent, to $22.54, and Vodafone stock picked up $1.61, or 5.2 percent, to $32.43. The stocks trade as ADRs, or American Depositary Receipts, which are securities that allow U.S. investors to trade shares of companies based overseas.
Shares of Anglo-Australian miner BHP Billiton PLC advanced $3.70, or 4.6 percent, to $83.41.
On the losing side, ADRs of Russian mining and metals company Mechel OAO fell $3.60, or 6.6 percent, to $51.12.
Genesis Lease Ltd., an aircraft leasing company based in Ireland, fell 53 cents, or 3.8 percent, to $13.53.
Russian wireless provider Vimpel-Communications declined 49 cents to $35.20.
The Bank of New York Europe ADR index picked up 1.38 points to 180.22.
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