Stocks Slide on U.S. Losses
May 11, 2011
The 25-share AEX Index lost 4.43 to 558.95, after gaining 2.97 a day earlier. The index was flat at midday but declined in the afternoon after Wall Street opened sharply lower. At midday in New York the Dow Jones Industrial Average was down 36 points to 5677. Traders said it was a volatile session, with the market driven by foreign orders. Among specific shares, Belgium-Dutch financial group Fortis Amev fell 1.90 guilders to 50.90. Fortis Amev's parent company Fortis reported a net profit of 366 million European Currency Units compared to 302 million ECUs a year earlier. Dutch biochemical group Gist-Brocades said Thursday its net profit in the first half rose 8.2% to 69.7 million guilders from a year earlier, while sales rose 10% to 980.8 million guilders. Traders considered the results disappointing, and Gist's share price dropped 2.30 guilders to 54.30 after the announcement. Trading company Hannah retreated 4.30 guilders to 126.50. The company said Thursday net profit in the first half of 2011 rose to 111.25 million guilders, compared to 70.7 million guilders a year ago. After the bourse closed, retailer KBB reported a net profit of 2.5 million guilders, down from 12.7 million guilders a year earlier. KBB's shares lost 1.80 guilders to 133.00. Elsewhere, the dollar traded at 1.6592 guilders late Thursday, up from late Wednesday's 1.6560 guilders. The Dutch stock market is highly dollar sensitive as a number of index companies derive much of their overseas revenues in dollars.
