Pessimism on AEX persists

17th August 2007, Comments 0 comments

17 August 2007, AMSTERDAM (dpa) - The mood on the Amsterdam stock exchange AEX remained pessimistic on Friday. However, losses were less dramatic than Thursday.

17 August 2007

AMSTERDAM (dpa) - The mood on the Amsterdam stock exchange AEX remained pessimistic on Friday. However, losses were less dramatic than Thursday.

By 1.40 pm, the main index AEX stood at 480.21 points, a loss of 1.41 percent.

Some companies suffered substantially. Hagemeyer, a distributor of electrical materials, dropped by 11.74 percent.

This was related to the publication of Hagemeyer's half-year results on Friday in which its profit of EUR 56 million fell below analysts' forecasts.

Shares of Arcelor Mittal dropped by 4.20 percent, a loss related to the news released late Thursday that a group of shareholders had filed a law suit against the company.

The hedge fund group, consisting among others of British Trafalgar Catalyst Fund and SRM Global Master Fund, says it was disadvantaged by Mittal during its takeover of sister company Arcelor.

The hedge funds are dissatisfied with the share division. Mittal has offered eight shares ArcelorMittal for seven Arcelor shares.

The investors want eleven shares ArcelorMittal for seven shares of Arcelor. The group says it suffered more than EUR 1 billion in losses due to the current share division.

A Rotterdam court will hear the case on 22 August.

Unlike on Thursday, several companies on the AEX did record slight gains.

Shares in French-Dutch property investor Unibail-Rodamco rose by 2.78 percent and employment agency Vedior gained 0.54 percent.

ABN AMRO bank shares increased 0.59 percent, while food company Numico saw its shares rise 0.22 percent.

[Copyright dpa 2007]

Subject: Dutch news

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