Profit in Brussels is declining slightly

(ABM UN) The Brussels stock exchange was in the green on Wednesday afternoon, but the enthusiasm among investors was slightly less than earlier in the day.

Around two o’clock the Bel20 index rose by 0.6 percent to 4,293 points.

The leader was still Syensqo with a price gain of 3.0 percent. Solvay countered this with a share price drop of 5.3 percent.

Solvay saw its results under pressure in the third quarter, but reiterated its outlook for the whole of 2024. However, Solvay now believes it will end up at the top end of the previously stated bandwidth of a decline in underlying EBITDA of 10 to 15 percent.

KBC Securities lowered the recommendation for Solvay from Buy to Accumulate with an unchanged price target of EUR 40.00. Degroof Petercam, on the other hand, increased the price target for Solvay from 36.00 to 39.00 euros while maintaining the Hold recommendation.

Umicore lost 1.5 percent. As part of the strategic review of its Battery Materials activities, Umicore has decided to continue to pause the construction of a new battery materials factory in Loyalist, Canada. The strategic review will continue and further conclusions will be communicated no later than the upcoming investor day. Umicore also announced changes to its management board on Wednesday.

UCB and Argenx gained 2.5 and 1.8 percent. Jefferies increased the price target for UCB from EUR 185.00 to EUR 212.00 while maintaining the buy recommendation.

Kinepolis won 1.0 percent in BelMid. This was offset by a loss of 4.1 percent for DEME. Trump’s victory is probably not good news for DEME. The construction of offshore wind capacity in the US is therefore at stake. Reason for KBC Securities to lower the price target.

Among the small caps, Jensen-Group recorded a profit of 5.9 percent in response to the quarterly report published on Tuesday evening. Jensen-Group saw sales and operating profit rise in the third quarter, while new orders grew by more than half.

Agfa and Hyloris lost 3.4 and 6.3 percent.

Door: ABM Financial News.
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Bron: ABM Financial News

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