Amsterdam AEX opens positively

13th August 2007, Comments 0 comments

13 August 2007, AMSTERDAM (dpa) - The Amsterdam stock exchange AEX opened in a cautiously positive mood Monday as Dutch financial analysts predicted a capricious business week following Friday's sharp drop on the stock exchange and worries about the crisis on the US credit market.

13 August 2007

AMSTERDAM (dpa) - The Amsterdam stock exchange AEX opened in a cautiously positive mood Monday as Dutch financial analysts predicted a capricious business week following Friday's sharp drop on the stock exchange and worries about the crisis on the US credit market.

The AEX began at 508.54 points at 9:02 am, a 1.29-percent increase from Friday's close.

However, 20 minutes later, part of the early gains had already evaporated, with the index reading 506.4 points, just 0.9 per cent higher than before the weekend.

On Friday the AEX fell sharply, dropping 15.81 points - or 3 per cent, marking the biggest single-day loss on the Amsterdam stock exchange since the terrorist attacks in London in July 2005.

On Monday, shares of office supply company Corporate Express and publisher Wolters dropped by 2.38 percent and 0.46 percent respectively.

GPS software company TomTom shares increased by 4.03 percent, while chemicals company Akzo Nobel shares rose by 3.56 percent at opening time, before dropping down to a 1.99-percent increase.

Investors responded positively to the news released by Akzo Nobel on Monday that the company had formalised its bid for British Imperial Chemical Industries (ICI).

Akzo Nobel was said to pay 670 pence per share in cash, equalling around 8 billion pound sterling.

The ICI board of directors has accepted the offer, both companies announced Monday.

The transaction will be one of the biggest takeovers ever carried out by a Dutch company. Two previous bids by Akzo Nobel were rejected by ICI.

[Copyright dpa 2007]

Subject: Dutch news

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