A rock-solid US jobs report helps the AEX (+1.3%) up. The Damrak, led by financials and tech, is recovering with big green figures from declines earlier this week. Partly because of this, the weekly loss is limited to 1%.
This makes it an excellent Liberation Day in Amsterdam; the large, mid and small caps close Friday in dark green. In the afternoon, a rock-solid US jobs report underlines the optimism of the day.
The market expected an increase of 180,000 jobs last month, but the job growth ended up being 253,000. Unemployment stood at 3.4% (0.1% lower than in March), while economists had expected 3.6%. Wage growth was also 4.4%, 0.2% above economists’ expectations.
In addition, better-than-expected first-quarter results from the world’s largest company, Apple (+4.8%), the sentiment among technology funds. The market interpreted these figures as excellent: the AEX rises to 750 points and the American indices also record strong increases of 1.5%.
ForFarmers
Volumes are decreasing at the animal feed company ForFarmers (-1.4%). When presenting the first quarter results, the company therefore warned that the outlook for the market and the development of results are uncertain.
The demand for animal feed is falling due to avian flu in the UK and Poland and due to the malaise in the pig sector, especially in the UK. The pig population is also shrinking because more and more farmers are ceasing their business as a result of market conditions and/or government measures.
The tight labor market also affects ForFarmers in the feed factories. Still, there are bright spots: the animal feed company was able to pass on the higher raw material prices and also delivers a nice dividend yield of almost 8%.
You can read in the analysis below from the IEX Investor Desk whether this is enough for a buying recommendation.
Investors once again not happy with ForFarmers IEX Premium via @IEXnl
— IEX Investors Desk (@Beleggersdesk) May 5, 2023
Ontex
Ontex (-0.3%) didn’t give in with a strong performance in the first quarter. The diaper maker presented an impressive 18% YoY revenue growth and a doubling of adjusted EBITDA.
Furthermore, the diaper specialist was able to add € 220 million to the bank account due to the sale of the Mexican activities. Unfortunately, there is no news yet about the desired sale of the remaining activities in emerging markets Brazil, Turkey, Pakistan and Algeria.
If this branch is sold, it can fully focus on the European and North American activities. Analyst Martin Crum takes you through the company’s first-quarter results in his analysis
Diaper manufacturer has found its way up IEX Premium via @IEXnl
— IEX Investors Desk (@Beleggersdesk) May 5, 2023
Top 3 risers and fallers
Gokfonds Vivorion (+15.1%) takes the lead. Air France-KLM (-2.6%) is today just in the lower regions.
Annuities
Interest rates are spiking up today, but on balance ten-year government bond yields fell slightly this week.
- Netherlands: +8 basis points (2.66%)
- Germany: +9 basis points (2.28%)
- Italy: +8 basis points (4.19%)
- United Kingdom: +15 basis points (3.80%)
- United States: +9 basis points (3.44%)
The weekly lists
- AEX this week: -1.1%
- AEX this month: -0.3%
- AEX this year: +9.0%
- AEX reinvestment index this year: +10.0%
Mixed image
Of AEX (-1.1%), together with the American indices, is taking a step back, but on the other hand, the German stock market and the mid and small cap stocks are holding up well. 
AEX
The data suppliers show a sensitive feather. It’s not often that a stock like Wolters Kluwer more than 9% plummet. The chippers, on the other hand, are very strong. Iron (+5.0%) even closes on one all time high. Furthermore, the AEX funds remain relatively close to home. 
AMX
The first quarter figures of Signify (-10.7%) were not even that much worse than expected, but it nevertheless led to a sell-off. In the IEX-BeleggersPodcast we take a detailed look at the share. AMG (+10.5%), on the other hand, is rewarded for its first-quarter results.
ASCX
It’s a mystery to me why Vivorion up more than 40% in value this week. Is this a classic case of pump and dump? Also Farming (+5.1%) shows a good recovery. Unfortunately this does not apply to PostNL (-6.8%). Next Monday, the post and parcel deliverer will give a look at the books.
This article was written in collaboration with Tom Steenstra
Finally, I wish you a nice weekend. This week Arend Jan writes the preview.
2023-05-05 16:04:12
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