Hunger for chips; BAM is set | Financial

Around ten o’clock the AEX recorded 0.9% in the plus at 570.2 points, close to the highest level in mid-September. The Midcap index rose 1.1% to 827.45 points.

Elsewhere in Europe, stock markets were still looking up as well. The stock exchanges in Frankfurt and Paris thickened to 0.9%.

The mood on Wall Street was already very good last night, despite the persistent uncertainty about the election results in the US. Tech funds, in particular, could count on significant buyer interest because of the expectation that potentially stricter rules for the sector would appear to be forthcoming, given the majority of Republicans in the Senate. Futures in the US pointed to a further advance in prices this afternoon.

US President Donald Trump and his Democratic rival Joe Biden are in a neck-and-neck race in several states where votes are still counted. It may therefore take a while before the winner of the presidential election is known. Biden is currently ahead of Trump, but Trump’s team is demanding a recount of votes in a number of states.

Investors also looked forward to the US Federal Reserve’s interest rate decision coming out tonight. No major changes in the monetary policy of the US central bank are expected.

Tech funds are leading the way

Slipped into the AEX ING further away with a drop of 4.7%. The banking group announced that it would cut about 1,000 jobs at the investment bank and retail units abroad. The corona crisis is still weighing heavily on the bank’s results. In the third quarter, ING’s profit was again much lower than a year ago. Industry colleague ABN had to give up 2%.

From chipfondsen ASML in ASMI pulled the cart with pluses of 3.6% and 5% respectively. Adyen was also popular with a gain of 1.6%. In front of Prosus investors had 3.4% more left.

ArcelorMittal raced 0.9% higher after a lower start. The steel group managed to find its way back up last quarter, after a very challenging second quarter. The steel group benefited from the improved market conditions, including in the automotive industry. Nevertheless, the quarter ended with a loss. Due to the corona crisis, the company is not making concrete predictions for the rest of the year.

Unibail-Rodamco-Westfield had a bad day with a decline of 2.5%. The real estate fund remains a plaything for speculators because of the dissatisfaction among a number of major shareholders with the planned issue.

Midkapper BAM played the leading role with a price jump of 7%. The contractor managed to improve its performance “significantly” in the third quarter compared to the first half. The builder also achieved a positive operational result. Supplier for the chip industry Iron was also in the leading group and was worth 5% more.

Heijmans (+ 2.2%) also got involved after an upward revision of the annual forecast.

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