(ABM FN) The Brussels stock exchange closed higher on Tuesday, with the Bel20 index rising 0.7 percent to 3,890.71 points with support from Argenx.
Sentiment was also positive elsewhere on the European stock exchange floors and on Wall Street, after an abundance of quarterly figures, which on balance were well received.
And ahead of Tesla’s numbers tonight, tech stocks continued their rally, with Nvidia in particular opening sharply higher. The share fell another 10 percent on Friday.
This morning, the purchasing managers’ indices showed that the eurozone economy grew faster than expected in April. These purchasing figures actually showed more headwinds for the US.
“A good start to the year,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, about developments in Europe. However, according to Bernard Keppenne, chief economist at CBC Banque, European industry remains weak, leaving room for an initial rate cut by the ECB in June, followed by further cuts in September and December.
Economist Chris Williamson of S&P Global saw the US economy “losing momentum”.
The euro/dollar rose to 1.07 and oil became one percent more expensive.
Risers and fallers
The star index received support from heavyweight Argenx, which gained 3.6 percent. Lotus Bakeries also did well and gained 1.6 percent.
Solvay, on the other hand, had a difficult time, with its share price falling 1.8 percent. There didn’t seem to be a direct reason. Solvay received a small price target increase from Stifel.
In BelMid, Barco fell by 16.2 percent. Investors harshly punished the results and prospects that Barco published this morning. The first quarter figures were even worse than analysts expected. Below par, Kepler Cheuvreux said it is reconsidering its buy rating on the share. ING spoke of disappointing figures.
Thanks to the hope of a partial continuation of the newspaper distribution contract, Bpost rose 0.4 percent.
Kepler Cheuvreux raised the price target for Nextensa from 54.00 to 57.00 euros on Tuesday morning and maintained the buy recommendation for the share, which rose 0.9 percent.
Belysse rose 3.0 percent, while Nyxoah fell 3.8 percent.
Wall Street
At the end of the European trading day, the American stock markets were significantly in the green. The S&P rose one percent and the Nasdaq 1.5 percent. In the US it was already a busy day with quarterly figures. Pepsico, Lockheed Martin and UPS, among others, provided figures.
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.
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