Melexis excels at the green Brussels stock exchange

(ABM FN) Led by Melexis, the Brussels stock exchange was in the green on Wednesday.

The Bel20 index rose by 0.6 percent to 3,914 points around eleven o’clock.

“The sun is shining again,” said ING investment manager Simon Wiersma.

The green prices in Europe, but also on Wall Street this week, are the result of a strong earnings season so far, according to investment specialist Justin Blekemolen of Lynx. More than 20 percent of S&P 500 companies reported results, with more than three-quarters exceeding analyst expectations, Blekemolen said.

Tesla’s figures were noteworthy after trading hours on Tuesday. Turnover and profit fell faster than expected, but the news that the car manufacturer wants to produce cheaper cars early next year was enough to send the share more than 13 percent higher after the close.

Risers and fallers

Melexis was the strongest riser within the main index with a price gain of more than 17 percent. Melexis achieved results in the first quarter that were in line with expectations, Kepler Cheuvreux said in a report published on Wednesday morning. On a positive note, the CEO said the inventory corrections are behind us.

Degroof Petercam raised the price target for Solvay on Wednesday from EUR 31.00 to EUR 36.00 while maintaining its buy recommendation. Solvay recorded a plus of 1.8 percent.

With a loss of almost 1 percent, WDP was the strongest decliner in the Bel20.

Sales and orders at Barco fell more in the first quarter than analysts expected, the company’s quarterly report showed on Tuesday. And that prompted analysts today to lower their valuations. KBC Securities, ING and Kepler Cheuvreux lowered their price targets. After Tuesday’s sharp price drop, Barco was 2.6 percent higher today.

Among the small caps, Texaf was able to show a profit of more than 2 percent.

Source: ABM Financial News

ABM Financial News is a supplier of stock market news, video and data, both for real-time trading platforms and dealing rooms and for online and offline media publications. The information in this article is not intended as professional investment advice or as a recommendation to make certain investments.