Stocks Rise on Profits, Projections
May 02, 2011
The 25-share AEX index added 4.87 to 565.72. The Amsterdam Midcap index gained 7.59 to 824.07. Among the advancers in the index was insurer Aegon, which will report its interim earnings on Thursday. Aegon is expected to show a rise of between 11% and 13% in first-half net profit, due to stable earnings growth from its life insurance activities. Aegon's shares advanced 2.50 guilders to 82.20 guilders. Shares of bank-insurer ING Groep NV, which also reports earnings on Thursday, rose 40 Dutch cents to 55.20 guilders. ING's profit is seen rising between 22% and 29% in the first half. Shares of postal and telecommunications company Koninklijke PTT Nederland gained 90 Dutch cents to 64.10 guilders. KPN will report interim earnings on Friday, and is expected to show a rise in net profit of 10%-11% in the first half of the year, boosted by higher volume in telecommunications. On the local market, shares of transport company Pakhoed increased 1.70 guilders to 46.30 guilders, despite a 92% drop of net profit in the first quarter of 2011. Traders noted that the share was up because of their second-half earnings projections. Pakhoed said it expects second half net profit to be clearly higher than the second half of 2010. Shipping company Van Ommeren gained 40 Dutch cents to close at 65.50 guilders on news that its net profit rose 15.5% to 44.7 million guilders, the trader noted. Another midcap stock to report earnings on Tuesday was Dutch office furnishings and supply company Ahrend. Its net profit in the first half of 2011 rose 14% to 24.1 million guilders. Ahrend rose 1.60 guilders, to close at 76.10 guilders.
