Benelux Stocks: Atenor, Royal BAM, Oranjewoud, Shell, TiGenix Are Active
The following are among the most active stocks in the Benelux markets today. Symbols are in parentheses.
ArcelorMittal (MT NA) fell 1.1 euros, or 4.5 percent, to 23.68 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 5.7 percent to 5.288 euros, a second gain this week. 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.
GIMV NV (GIMB BB) advanced 0.6 percent to 36.07 euros, a second gain this week. Belgium’s biggest buyout company reported full-year profit of 117.5 million euros.
TiGenix NV (TIG BB) tumbled 6.5 percent to 2.01 euros, the lowest 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.”