The AEX index in Amsterdam closed slightly down on Friday, marking the final trading day of May. Construction firm BAM was the star performer on the Amsterdam market, thanks to an upgraded rating from investment broker Oddo BHF.
BAM shares surged 16.6 per cent in the MidCap index after Oddo BHF moved the company from its “sell” list straight to its “buy” list. The broker pointed to better profits in BAM’s UK business and also raised its target price for the stock. Fellow builder Heijmans rode the wave, with its shares jumping nearly 5 per cent on the Damrak.
Overall, the main AEX index dipped 0.2 per cent to finish at 1,034.93 points. Despite Friday’s slight drop, the index gained more than 2 per cent across May, even hitting an all-time closing high on Monday.
Meanwhile, the MidCap index rose 1 per cent to 1,095.57 points. Stock markets in London and Paris fell slightly, while Frankfurt’s DAX crept up a fraction. Early data showed German inflation fell to 2.6 per cent in May, helped by a temporary fuel duty cut that made petrol cheaper.
Back in the AEX, ABN AMRO led the pack with a 1.6 per cent gain after finishing its €250 million share buyback scheme. ING rose 0.8 per cent, while brewer Heineken was the biggest loser, dropping 2.3 per cent.
In the MidCap, metals specialist AMG Critical jumped over 5 per cent after investment bank Citi raised its price target. On the flip side, chemicals company Corbion plunged 4.4 per cent. Among the smaller listings, spice and nut trader Acomo dropped 7.6 per cent after ING took it off its buy list.
Finally, oil prices slid by up to 1.9 per cent on hopes of a swift end to the conflict in the Middle East and the full reopening of the Strait of Hormuz to oil tankers.
@anp | NEWS BRAINPORT
