(ABM FN) The Brussels stock exchange has started the new week on a positive note, led by Umicore and Solvay.
The Bel20 gained 0.6 percent at 3,938.59 points at the end of the morning.
Investors were presented with figures on the European services sector and producer prices.
The European services sector appeared to grow at a faster pace in April. The purchasing managers index rose from 51.5 to 53.3, the highest level in 11 months.
“This looks very good,” economist Cyrus de la Rubia of Hamburg Commercial Bank said in a statement. The economist was encouraged to see employment growing faster, while order book growth was the strongest in 11 months.
“Spain is performing better than Germany, Italy and France,” De la Rubia added.
Producer prices also continue to fall, according to Eurostat. This is due to lower energy prices.
The euro/dollar was stable at 1.0770 on Monday and interest rates fell slightly. Oil became approximately one percent more expensive.
Risers and fallers
In the star index, Solvay and Umicore led with gains of 2.2 and 2.4 percent. WDP fell by 0.5 percent and Syensqo also suffered slightly.
In BelMid, Econocom and Aperam rose 2.7 and 1.9 percent. Colruyt, on the other hand, fell by 3.1 percent.
Kepler Cheuvreux has started following Colruyt with a Reduce recommendation and a price target of 40.00 euros. Since the low point in 2022, Colruyt’s share price has doubled. Colruyt is now again trading at a premium compared to European peers, as in the past. And Kepler thinks that is rather exaggerated. The dividend is lower than that of peers and the margins are comparable.
Among the small caps, Vastned Belgium rose 1.8 percent and Roularta gained 4.2 percent. Belysse actually lost 4.2 percent.
Mithra enters into exclusive negotiations with Gedeon Richter regarding an offer for the activities of Estetra SRL, Neuralis SA and specific assets owned by Mithra R&D related to the E4 platform. Mithra announced this on Friday evening. Trading in Mithra shares is still suspended.
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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