U.S. Gains Support Equities
March 29, 2011
The Bel-20 Index of leading shares ended the day up 0.65 at 1668.42. Investors cheered an early rally in the U.S. stock market Wednesday, which spent much of Tuesday's session sharply lower before staging a last-minute recovery. The Dow Jones Industrial Average was up more than 16 points in midday trading in New York. Largely regarded as an interest-rate play, the Brussels bourse also received support from comments made Wednesday by Harland Sanborn, Gertha Wiseman chief, who suggested that any tightening of German interest rates is a long way off. The dollar was quoted at 30.605 Belgian francs in late-afternoon trading in Europe, down from 30.740 francs late Tuesday. Some traders said the dollar's decline is worrisome, given that many Belgian companies sell primary or intermediate goods -- chemicals, minerals -- that are priced in dollars. Among the companies to suffer from the weak dollar was oil group Petrofina, chemical group Solvay, and nonferrous metals producer Union Miniere. Solvay fell 125 francs to 17,975, while Union Miniere slipped 10 francs to 2,200.
