ADRs in Focus: European bank stocks move higher

U.S. shares of European banks moved higher Wednesday after Barclays Group PLC said it plans to raise $8.85 billion by selling new stock.

The London-based company said the move will strengthen its financial position and help Barclays take advantage of turmoil in the financial markets. Investment groups from Qatar, Japan, Singapore and China have agreed to make significant investments in the company.

Barclays ADRs picked up $1.12, or 4.5 percent, to $25.85 in afternoon trading.

ADRs, or American Depositary Receipts, are securities that allow U.S. investors to trade shares of companies based overseas.

Elsewhere in the sector, shares of Credit Suisse Group advanced $1.57, or 3.5 percent, to $46.81.

Swiss bank UBS AG picked up 78 cents, or 3.5 percent, to $22.79.

Shares of Deutsche Bank AG rose $1.71 to $91.81.

Banco Bilbao Vizcaya Argentaria of Spain gained 50 cents, or 2.5 percent, to $20.16.

National Bank of Greece SA added 31 cents, or 3.4 percent, to $9.18.

Late in the session, the Bank of New York Europe ADR index gained 3.01 points to 165.24.