Benelux Stocks Rise: Akzo, CMB, ING, Nyrstar, Spyker Cars Move
The following were among the most active stocks in Benelux markets today. Symbols are in parentheses.
Akzo Nobel (AKZA NA) gained 1.3 percent to 48.40 euros after peer PPG Industries Inc. forecast that first-quarter earnings will exceed analysts’ estimates. Profit will climb to $1.30 to $1.35, from 69 cents a year earlier, the Pittsburgh- based company said in a statement today. That would beat the average estimate of 11 analysts surveyed by Bloomberg for profit of $1.12.
Fornix BioSciences NV (FORBI) advanced 2.4 percent to 2.51 euros, erasing yesterday’s drop. Shareholders in the former maker of allergy treatments approved the sale of its Laprolan unit.
ING Groep NV (INGA) plunged 2.5 percent to 9.14 euros, its second day of declines. The biggest Dutch financial-services company said its capital strength may weaken once the Basel III rules come into force. If ING had applied the Basel Committee on Banking Supervision’s standards at the end of last year, the firm’s core Tier 1 ratio would have fallen by 130 basis points. At the end of its third quarter, ING said introducing the rules would have cut its capital strength by 70 basis points. A basis point is one hundredth of a percent.
SBM Offshore NV (SBMO) jumped 1.8 percent to 20.22 euros, its lowest price since July 2008. The world’s largest supplier of floating oil and gas rigs signed a letter of intent with OSX Brasil SA to build a platform.
Spyker Cars NV (SPYKR) , the owner of Saab Automobile, sank 2.6 percent to 4.15 euros, paring an earlier decline of as much as 21 percent. Spyker and Saab applied for permission to bring in Russian businessman Vladimir Antonov as a shareholder and financier for the Swedish carmaker, Spyker Chief Executive Officer Victor Muller said. Spyker and Saab need approval from Sweden’s National Debt Office and the European Investment Bank.
Cie. Maritime Belge SA (CMB BB) climbed 1.1 percent to 21.03 euros, paring three days of declines. The owner of dry- bulk shipping line Bocimar International NV reported that 2010 net income rose 1 percent to 120.9 million euros ($170.5 million) and increased its final gross dividend to 1.08 euros per share.
Recticel SA (REC) surged 4 percent to 7.75 euros, extending yesterday’s increase. The Belgian maker of foam, car- interior trim and Lattoflex mattresses was rated “buy” in new coverage at ING Groep NV.
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