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Benelux Stocks: ArcelorMittal, BAM, Oranjewoud, TiGenix Move

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May 20 (Bloomberg) -- The Amsterdam Exchanges Index fell 6.59, or 2.1 percent, to 314.86, extending yesterday’s 2.9 percent plunge. Belgium’s Bel20 Index lost 46.36, or 1.9 percent, to 2,386.49.

The following are among the most active stocks in the Benelux markets today. Symbols are in parentheses.

Dutch stocks:

ArcelorMittal (MT NA) fell 97 cents, or 3.9 percent, to 23.82 euros, reaching the lowest since November. The world’s biggest steelmaker was cut to “neutral” from “buy” at BofA Merrill Lynch Global Research.

Royal BAM Groep NV (BAMNB NA) soared 4.2 percent to 5.22 euros. The largest Dutch builder said Chief Executive Officer Joop van Oosten will step down as of Oct. 1. The company also reported first-quarter net profit rose to 9.9 million euros ($12.2 million) from 8.3 million euros in the year-earlier period.

Oranjewoud NV (ORANW NA) fell 1.1 percent to 4.55 euros. The Dutch consulting firm said first-quarter profit declined to 112,000 euros from 1.6 million euros a year earlier.

Belgian stocks:

TiGenix NV (TIG BB) tumbled 11 percent to 1.91 euros, the lowest level since the shares started trading. The Belgian developer of treatments for damaged joints said it’s pursuing partnership opportunities and other strategic options for its ChondroCelect cartilage-repair therapy in the U.S. and closed its Memphis plant. The company said it used 6 million euros in net cash in the quarter and had 18.7 million euros of cash and short-term investments on March 31.

KBC Securities cut its price estimate on the stock to 2.50 euros from 4 euros, citing “lower income assumptions from the U.S. market” and “expected continued pressure on the stock due to the shrinking cash position.”

To contact the reporter on this story: Maud van Gaal in Amsterdam at mvangaal@bloomberg.net

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.

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