AMSTERDAM (AFX) - Shares were higher at midday, with index blue chips putting in solid gains, while Akzo Nobel plummeted with investors concerned over the market introduction delay of key product Asenapine, as the chemicals company posted top-end third-quarter results, dealers said.
At 12.17 pm, the AEX index was up 0.49 pct or 2.39 points at 489.36 after trading in the range 487.61-489.89.
Government bonds traded broadly lower, while the euro stood almost unchanged at 1.2535 usd, from 1.2534 late yesterday.
Akzo Nobel led the day's news, falling 6.71 pct to 44.37 eur, as the chemical company's solid third quarter earnings were tempered by news of possible delays in US regulatory approval for the company's antipsychotic drug Asenapine. SNS Securities lowered its rating to 'hold' from 'buy' and reduced its price target to 48 eur, while Dutch broker Petercam lowered its rating to 'hold' from 'buy'.
ASML Holding also fell steeply, off 5.42 pct to 17.98 eur after the chip-maker came out with an uninspiring outlook during the release of its third quarter results, prompting a downgrade to 'hold' from 'add' from Petercam. Sector peer ASMI led second-line fallers, down 1.72 pct to 14.30. Earlier the company said shareholder Mellon confirmed it has no support from other shareholders for its proposal of spinning off the company's back-end operations.
At the other end of the index, Hagemeyer put on 1.96 pct to 4.17 eur, while Numico added 1.68 pct to 35.65, Vedior added 1.55 pct to 15.73 and Rodamco Europe added 1.40 pct to 90.80.
Moolen Holding led second-liners, up 3.86 pct to 4.57 eur, as the stock recovered from price pressure over the past week, while Univar added 2.45 pct to 38.02 eur and BAM gained 2.07 pct to 15.75.
Corus extended yesterday's gains, adding 0.84 pct to 7.18 eur amid speculation of likely counter-bids and the possibility of increased offer terms from Tata Steel, which yesterday made an indicative offer, dealers said.
Financials fared well, with ING adding 1.42 pct to 35.70, ABN Amro up 1.44 pct to 23.28, Fortis 0.62 pct higher at 32.67 and Aegon gaining 0.27 pct to 14.60 eur. mike.croall@afxnews.com mc/rar COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
At 12.17 pm, the AEX index was up 0.49 pct or 2.39 points at 489.36 after trading in the range 487.61-489.89.
Government bonds traded broadly lower, while the euro stood almost unchanged at 1.2535 usd, from 1.2534 late yesterday.
Akzo Nobel led the day's news, falling 6.71 pct to 44.37 eur, as the chemical company's solid third quarter earnings were tempered by news of possible delays in US regulatory approval for the company's antipsychotic drug Asenapine. SNS Securities lowered its rating to 'hold' from 'buy' and reduced its price target to 48 eur, while Dutch broker Petercam lowered its rating to 'hold' from 'buy'.
ASML Holding also fell steeply, off 5.42 pct to 17.98 eur after the chip-maker came out with an uninspiring outlook during the release of its third quarter results, prompting a downgrade to 'hold' from 'add' from Petercam. Sector peer ASMI led second-line fallers, down 1.72 pct to 14.30. Earlier the company said shareholder Mellon confirmed it has no support from other shareholders for its proposal of spinning off the company's back-end operations.
At the other end of the index, Hagemeyer put on 1.96 pct to 4.17 eur, while Numico added 1.68 pct to 35.65, Vedior added 1.55 pct to 15.73 and Rodamco Europe added 1.40 pct to 90.80.
Moolen Holding led second-liners, up 3.86 pct to 4.57 eur, as the stock recovered from price pressure over the past week, while Univar added 2.45 pct to 38.02 eur and BAM gained 2.07 pct to 15.75.
Corus extended yesterday's gains, adding 0.84 pct to 7.18 eur amid speculation of likely counter-bids and the possibility of increased offer terms from Tata Steel, which yesterday made an indicative offer, dealers said.
Financials fared well, with ING adding 1.42 pct to 35.70, ABN Amro up 1.44 pct to 23.28, Fortis 0.62 pct higher at 32.67 and Aegon gaining 0.27 pct to 14.60 eur. mike.croall@afxnews.com mc/rar COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited