Businessman | DSM on top of AEX overcome problems in vitamin branch

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DSM-Firmenich was the biggest gainer in the AEX index at Tamrock on Wednesday. The specialty chemicals company warned that profits this year will be significantly lower than a year ago due to disappointing results from its vitamins operations. However, investors were relieved that the Dutch-Swiss group is taking immediate steps to restructure its vitamin division to cut costs significantly. The merged entity also maintained its medium-term objectives. The stock gained 4 percent.

AP

June 28, 2023

The general mood in European markets was also positive. A stronger-than-expected increase in U.S. consumer confidence fueled hopes that the world’s largest economy can avoid recession. In addition, the focus is on Sintra, Portugal, where the governors of central banks from the United States, Europe, the United Kingdom and Japan will participate in the panel discussion.

The AEX rose 0.7 percent to 765.83 points. Midcap gained 0.7 percent to 886.24 points. Shares in Frankfurt, London and Paris rose as much as 0.8 percent.

Prosus

Apart from DSM-Firmenich, chemical distributor IMCD and record label UMG did good business with profits around 2 percent. Chip company Besi (minus 0.9 percent) was the biggest faller on the AEX. Proces lost 0.2 percent, despite a buy recommendation from British bank HSBC. However, the tech investor has already gained more than 6 percent earlier in the day, after the company’s well-received plans to simplify its complex ownership structure.

In MidCap, asset manager Van Lanschot Kempen led the way (up 7.3 percent), thanks to a buy recommendation from ING analysts. Charging station maker Alfen closed the lineup down nearly 3 percent.

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UPS

In Zurich, UBS gained 0.3 percent. The Swiss bank plans to cut more than half of all jobs at its acquired Credit Suisse starting next month, Bloomberg News reported. Offices in London, New York and parts of Asia will be particularly affected. Software firm Sage Group rose 4.7 percent in London after investment bank JP Morgan’s advisory raised.

The euro was at 1.0947 against the dollar at 1.0962 the previous day. U.S. oil was up 1 percent at $68.35 a barrel. Brent crude rose 0.9 percent to $72.88 a barrel.

Ferdinand Woolridge

 "Subtly charming analyst. Beer maven. Future teen idol. Twitter guru. Lifelong bacon fan. Pop culture lover. Passionate social media evangelist."

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