Galapagos and ASMI keep AEX on track | Financial

Around 3.40 pm the AEX index was 0.1% lower at 549.8 points. The AMX advanced 1.4% to 808.6 points with strong support from Altice Europe. The price signs in London (+ 0.5%), Paris (+ 0.2%) and Frankfurt (-0.3%) showed a mixed picture.

“It is a fairly quiet trading day,” said asset manager Renco van Schie (Valuedge). In recent times, tech funds have been under pressure after rising sharply in August. According to Van Schie, the overvaluation in tech stocks seems to be over after the recent declines. He also sees that most other stocks have held up well. “The AEX has been moving sideways for weeks.”

Van Schie also looked ahead to next Wednesday’s interest rate decision in the US. In recent weeks, investors have mostly reacted negatively to important announcements from Fed Chairman Jerome Powell. But according to Van Schie, that could be different next week, because the US central bankers have announced that they want to place more emphasis on growth in employment and are less likely to intervene if inflation temporarily exceeds 2%. “It will be interesting how they deal with this new mandate on Wednesday,” said the asset manager.

Of American stock exchanges opened 0.5% to 0.9% higher this afternoon. Wall Street had to give up a lot of ground on Thursday evening with minuses of up to 2% for the most important indicators. The disappointment about the blocking of new corona support in politics in Washington left a depressed mood.

Galapagos seasoning

Was in the AEX Galapagos firmly on the rise with a plus of 8%. The biotechnology group reported positive results in its study of the drug ziritaxestat, which targets an autoimmune disease with one of the highest death rates among rheumatic diseases. Asset manager KBC put Galapagos on the buy list. The price of Galapagos had fallen more than 30% after it was revealed last month that its drug filgotinib is not currently getting the green light from the US regulator FDA.

Chipmachinefabrikanten ASMI (+ 1.8%) in ASML (+ 0.8%) could also count on buyers’ interest. They benefited from the positive mood in the tech sector after better-than-expected quarterly figures software manufacturer Oracle. ASMI also received conviction buy advice from investment bank Bryan Garnier.

Banking group ABN Amro (-2.1%) was the largest drop among the main funds. Steel giant ArcelorMittal yielded 1.5%.

Made in the AMX Altice Europe a price jump of 24.7% to € 4.14 after major shareholder Patrick Drahi a takeover bid of € 4.11 per share in cash to remove the cable and telecom provider from the stock exchange. Since the Altice Europe share price is above the offer, investors do not rule out that Drahi will have to offer a little more.

Maritime service provider SBM Offshore (-1.5%) was at the bottom of medium-sized funds. Builder BAM saw the share price fall 1.2%.

In the local market thickness Euronext 2.3%. The fair organization works together with an Italian party the stock exchange in Milan to get hold of.

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