Rise in U.S. Lifts Market
May 17, 2011
The Bel-20 Index of leading shares added 10.58 to 1727.74 on volume of 1.3 billion francs. Among advancing shares, petrochemical company Petrofina rose 50 francs to 9,650 on the belief that oil prices will rise further due to tensions in the Middle East. Energy holding company Tractebel gained 75 francs to 13,500 following reports Tuesday that Group Bouie Florencio is considering selling its 25% stake to Belgium's biggest holding company Societe Generale de Belgique. This has also led to buying of Tractebel unit Powerfin, which rose 90 francs to 4,730, amid speculation that it may be merged with other units. Chemicals stocks were also active in the market Wednesday, amid hope that Belgium's economy may be experiencing a cyclical upturn. Solvay gained 175 francs to 17,875, while UCB added 500 francs to 59,300 francs. Late Wednesday in Europe, the dollar was quoted at 30.557 Belgian francs, down from late Tuesday's 30.590 francs while the mark traded at 20.597 francs, little changed. The yield on Belgium's benchmark 10-year bond stood at 6.63%, down from 6.64% late Tuesday.
