Daily Market Updates: AEX Gives Up Morning Profits, ING Announces Share Buyback Program

The AEX (-0.0%) has given up all of this morning’s profits. Around 9:45 am the main index was still almost 1% in the green, but at the end of the day nothing remains of this.

The broad markets, on the other hand, are in the green, with the Bel 20 (+0.9%) and DAX (+0.5%) ending up with a nice plus. These indices therefore perform considerably better than our main index.

ING (+0.9%) is in good shape today. Jefferies analysts expect that the Dutch major bank will: announces a share buyback program worth €2.5 billion.

This is equivalent to more than 5% of the total share capital. A share buyback program generally has a positive effect on the price, because it means that a company’s profits have to be shared with fewer shareholders. In addition, it creates additional demand in the market. ING will present its Q3 figures on November 2.

Adyen down again

For Adyen it’s (again) a bad day. The payment processor is down 2.6% today. Molly Payments announced that it would be getting rid of staff. This does reduce costs, but it does anything but express confidence.

Also DSM-Firmenich (-2.0%) drops today. But that’s nothing new, given the price chart of the past two years. At the end of 2021, the share was still almost worth €200, but there is now less than €80 left.

Furthermore, the focus is mainly on later this week. New inflation figures will be released from the United States on Wednesday and the ECB will make its interest rate decision on Thursday.

Qualcomm en Apple

Qualcomm (+3.1%) has collaborated with Apple (+0.0%) for the supply of chips extended by three years. As a result, Qualcomm shares rose by more than 3% today. This partnership is good news for investors, as the agreement was expected to be terminated by Apple this year. Apple needs more time to develop and produce its own microchip.

Apple’s share price, on the other hand, is not predictable today. Investors who speculated on a sharp recovery on Friday are in for a rude awakening.

Last week, the tech giant was hit hard, because the Chinese government would rather lose the product than get rich. As is known, China is the most important foreign market for Apple.

D’Ieteren

The share D’Ieteren (+3.0%) is clearly lagging behind the broader market this year, although the price has rebounded somewhat since the publication of the half-year figures. This is not entirely unjustified, because the results of the most important participations of the Belgian investment company are on the rise.

Both D’Ieteren Automotive and Belron’s profitability rose sharply in the first six months of this year. The latter is the parent company of Carglass and, thanks to strong growth in recent years, this participation now accounts for 60% of the total intrinsic value of D’Ieteren.

Belron’s performance is therefore leading for D’Ieteren’s share price development. You can read our opinion about this Belgian holding company in the article below.

Price target reduction DIeteren despite strong IEX Premium figures via @IEXnl

— IEX Investors Desk (@Beleggersdesk) September 11, 2023

Postal companies

The poorer market conditions for the parcel transport sector also have an impact German postal service (+0.4%). But where smaller players such as PostNL (+0.1%) in Mail (+0.4%) are struggling to achieve somewhat acceptable results, the results of the Germans remain relatively good.

The Germans can continue to invest without any problems and offer investors an attractive dividend. The dividend is relatively stable to slightly increasing. This is also in stark contrast to that of PostNL.

You can read whether the share is worth buying in the analysis below by Martin Crum.

Considerable pressure on Deutsche Post IEX Premium results via @IEXnl

— IEX Investors Desk (@Beleggersdesk) September 11, 2023

Top 3 risers and fallers

Due to the price drop of Ebusco (-3.5%) seems to have no end in sight. Accsys (+4.3%) is recovering somewhat, but the wood refiner remains a penny stock.

Annuities

Interest rates are rising broadly. The Dutch fee on ten-year government paper increases by four basis points to 2.98%.

Broad market

The AEX closes 0.03% lower, which means we perform considerably worse than the other European indices. The CBOE VIX (volatility) climbs 1.2% to 14.0 points. Wall Street finds its way up. The Dow Jones and S&P500 are 0.1% and 0.3% in the green. The Nasdaq (+0.6%) even goes a step further. The euro climbs 0.2% and is trading at 1.074 against the dollar. Gold (+0.2%) and silver (+0.5%) are not doing too badly today, although higher profits were on the board earlier in the day. Oil: WTI (-0.0%) and Brent (+0.1%) pause. Bitcoin (-3.1%) also falls clearly at the end of the trading day.

The Damrak

IMCD (-1.3%) is somewhat affected by a price target reduction by Kepler Cheuvreux. The investment bank states its target price approximately 10% down to €152. Dutch insurers are in a good position today. Aegon (+1,9%), ASR (+1.6%) in NN Group (+0.5%) find their way up. Rising interest rates are helping.
Adyen (-2.6%), on the other hand, drops to the lowest level of the year. The chippers make a negative turn. Went this morning ASML (-1,6%), ASMI (-1.4%) in Iron (-1.6%) still quite up, but at the end there is an ugly minus on the board.
Philips (+2.9%) is working on a nice turnaround this year. The damage claims from the US remain a major risk, although the company managed to settle the economic damage earlier this week.
Just Eat Takeway (+4.1%), making a nice bounce, although the current price is still a shame. In last Friday’s podcast, Robbert Manders – analyst at the Antaurus Europe Fund – explained why the meal delivery company may surprise positively with its third-quarter figures.
Sligro (+2.3%) is quite good, although the trading volume of 19,000 pieces is not very impressive. Furthermore, the results of the underlying small cap shares are fairly limited. We have also seen that differently.

Advice (source: Guruwatch.nl)

Alfen: start with Hold and €60 – Bank Degroof CTP: start with Buy and €14.80 – Kepler Cheuvreux IMCD: to €152 from €170 and Buy – Kepler Cheuvreux

Agenda: Tuesday September 12

11:00 Germany ZEW economic sentiment Sep

1:00 PM OPEC monthly report

18:00 EIA Short Term Energy Outlook

2023-09-11 15:56:24
#Closing #call #ING #share #buyback #program #IEX.nl