Amsterdam shares higher early afternoon, led by Hagemeyer

Amsterdam shares higher early afternoon, led by Hagemeyer

	Published : Thu, 01 Feb 2007 14:36 By : Agencies Print this Story

AMSTERDAM (AFX) - Share prices were higher in early afternoon trade, in line with gains on other European markets after the Fed's decision to leave US interest rates unchanged and upbeat comments on the US economy, dealers said.

At 1.52 pm, the AEX was up 6.52 points or 1.3 pct at 506.29, near its intraday highs, after opening at 505.09 and off a low of 504.47.

Government bonds traded broadly higher, while the euro stood at 1.3017 usd compared with 1.3001 late yesterday.

Trade was brisk as investors digested various corporate earnings reports, with sentiment set to remain upbeat as Wall Street is indicated to open higher, dealers said.

Hagemeyer led blue-chip risers, adding 5.92 pct at 3.76 eur with over 18 mln shares changing hands, boosted by an upgrade to 'buy' from 'hold' and price tagret of 4.4 eur, at ING as the broker feels the stock is oversold after recent copper price falls. Better-than-expected fourth-quarter figures from rival Wesco also supported Hagemeyer.

Index heavyweight Royal Dutch Shell was in focus after the oil major's fourth-quarter results were well received by investors. The stock climbed 2.62 pct at 26.65 on volume of some 14 mln shares, also buoyed by still high oil prices.

Oil services company SBM Offshore, which posted better-than-expected figures after market close on Tuesday, extended yesterday's surge, adding 1.44 pct at 27.43 as ABN Amro upped its price target on the stock to 28 eur from 25.

Ahold rose 1.43 pct to 7.81, after the retailer posted fourth-quarter sales that came in below consensus, but its Dutch Albert Heijn unit showed a better-than-expected performance.

Rival retailer Schuitema, in which Ahold has a majority stake, by contrast fell 2 pct at 23.51 after reporting disappointing fourth-quarter results late yesterday.

Financials did well, with ING putting on 1.61 pct at 34.09, Aegon firming 1.59 pct at 15.29 and Fortis 1.2 pct higher at 16.04, while ABN Amro managed a gain of 0.69 pct at 24.67.

Other AEX gainers were Getronics, advancing 1.69 pct at 23.40, and publishers Wolters Kluwer and Reed Elsevier, up 1.87 pct at 23.44 and up 1.49 pct at 13.64 respectively, while KPN was lifted by good results from France Telecom, gaining 1.27 pct at 11.19.

Among staffing stocks, Randstad jumped 4.48 pct to 53.65 after Q4 results from peer Amadeus showed strong growth in Germany, which accounts for around 14 pct of Randstad's sales. Vedior was 0.93 pct higher at 20.61 and USG People gained 1.11 pct to 32.73.

Numico was the only blue chip faller, off 0.07 pct at 40.67.

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