The turnover in shares amounted to 96.4bn guilders as against 47.8bn guilders in the same month of the previous year. The bond market achieved a turnover of 79.1%bn guilders. June's premium turnover on AEX-Optiebeurs amounted to 9.5bn guilders, bringing the total premium turnover for the first half of 1997 to 50.3bn guilders. The corresponding figure for the whole of 1996 was-38.8bn guilders.
AEX-Effectenbeurs
Thanks in part to the rising dollar, the internationals put relatively the best performance on Amsterdam Exchanges' stock exchange. Philips in particular made a huge gain, so much so that the price reached an all-time high 144 guilders. Technology issues again saw a very satisfying level of interest. Besides the computer systems companies, temporary employment agencies were also much in demand by investors. That was true of Randstad and Content, but even more of Goudsmit, which announced that it was to take over the temporary employment agency Unique in return for payment in shares.
Things also went well for the exchange's new issues. Vedior, Vendex's service arm achieved an introduction price of 39 guilders, but the first trading took place at 48 guilders. There was a similar development for Nutreco, where the initial placing at 37 guilders was followed by a first listed price of 44.50 guilders. The placement agency Brunel was traded at about 10% over the issue price. The computer services company ICT was placed at 26 guilders but the first trade took place at 27.50 guilders. The introductions of the investment companies Alpinvest and Beurshave were relatively quiet.
June saw little change on the money market. Official rates remained unchanged. On the capital market bond prices rose slightly, driving the effective return on government loans down again in the direction of 5%.
AEX-Optiebeurs
In June turnover on Amsterdam Exchanges' options and futures market reached something over 4 million contracts, 300,000 contracts more than in the preceding month. The average turnover came to almost 193,000 contracts per day. In June 1996 the daily average was around 100,000 contracts.
The options on the AEX index and on ABN AMRO Bank were the month's most active products. ABN AMRO Bank just managed to come top of the turnover list with 701,000 contracts. The index option, with 700,000 contracts traded, a close second. In both cases the majority of contracts traded were calls.
Besides ABN AMRO Bank, there was also active trading in ING, another major financial security, 312,000 ING options were traded, 228,000 of which were calls. Other active issues included KPN, Royal Dutch and Ahold. The turnover in these issues amounted to 274,000, 245,000 and 212,000 contracts respectively. Here too by far the greatest part of the action was in calls.
All share options taken together achieved a turnover of 3 million contracts, good for a market share of 78%. The index options together managed almost 740,000, giving them a market share of 19%.
The FTI contract was the favourite on the futures pitch. This contract, based on the AEX index, traded 190,000 contracts. Total turnover in futures contracts in June came to 199,000 contracts.
Products with the American dollar as underlying value were good for a turnover of more than 50,000 contracts.
Turnover in standardised bond options amounted to more than 13,000 contracts.
AEX-Agrarische Termijnmarkt
Amsterdam Exchanges' agricultural futures market achieved a turnover of 13,700 contracts. Most of the turnover, almost 7,500 contracts, was in the potato contract. More than 5,800 live hog contracts were traded.
Monthly statistics Amsterdam Exchanges:
June '97
Indices June '97 June '96 change end '96 change AEX 861.55 560.33 53.8% 648.24 32.9% AKX 1,315.80 840.47 56.6% 937.99 40.3% TOPS 1,460.27 874.28 67.0% 1,024.24 42.6% E100 2,108.06 1,438.25 46.6% 1,613.20 30.7% AEX-Effectenbeurs June '97 June '96 change Turnover (in Dfl, mln) Shares 96,473 47,825 101.7% Bonds 79,199 107,981 -26.7% NMM 30 - Total 175,702 155,806 12.8% Transacties Shares 719,494 333,047 116.0% Bonds 35,606 35,915 -0.9% NMAX 2,387 - Total 757,487 368,962 105.3% AEX-Clearing & Depository juni '97 juni '96 verschil Transactions Clearing & Depository 716,574 337,844 112.1% ASAS 26,524 22,416 49.5% AEX-Optiebeurs June '97 June '96 change Premium turnover (in Dfl. mln) Indices 3,246 824 294.1% Shares 6,226 1,467 324.5% Other 113 54 110.3% Total 9,585 2,344 308.9% Contracts Indices 737,936 445,415 65.7% Shares 3,041,469 1,385,276 119.6% Futures 198,411 103,344 92.0% Other 76,566 82,252 -5.8% Total 4,054,382 2,015,287 101.2% Exercised contracts Indices 36,000 18,450 95.1% Shares 25,807 26,837 -3.8% Futures 6,356 3,078 106.5% Other 11,910 5,185 129.7% Total 80,073 53,550 49.5% AEX-Agrarische Termijranarkt June '97 June '96 change Contracts Live Hogs 5,825 3,418 70.4% Potatoes 7,491 6,567 14.1% Piglets 393 47 736.2% Total 13,709 10,032 36.7% AEX-Effectenbeurs Y.T.D. '97 Y.T.D. '96 change Turnover (in Dfl. mln) Shares 513,981 323,721 58.8% Bonds 562,831 695,825 -17.1% NMM 151 - Total 1,076,963 1,019,546 5.6% Transactions Shares 3,638,621 2,241,863 62.3% Bonds 220,753 238,789 -7.6% NMAX 15,829 - Total 3,875,203 2,480,652 56.2% AEX-Clearing & Depository Y.T.D. '97 Y.T.D. '96 verschil Transactions Clearing & Settlement 3.659,957 2.267,541 61.4% ASAS 201,848 141,734 42.4% AEX-Optiebeurs Y.T.D. '97 Y.T.D. '96 change Premium turnover (in Dfl. ln) Indices 18,154 6,349 185.9% Shares 31,475 10,442 201.4% Other 727 556 30.8% Total 50,356 17,347 190.3% Contracts Indices 4,373,841 3,200,861 36.6% Shares 15,968,269 8,924,430 78.9% Futures 1,167,322 703,581 65.9% Other 611,814 747,834 -18.2% Total 22,121,246 13,576,706 62.9% Exercised contracts Indices 265,039 159,060 66.6% Shares 1,054,322 827,640 27.4% Futures 33,865 25,875 30.9% Other 57,269 99,126 -42.2% Total 1,410,495 1,111,701 26.9% AEX-Agrarische Termijnmarkt Y.T.D. 97 Y.T.D. '96 change Contracts Live Hogs 32,778 19,539 67.8% Potatoes 32,115 52,473 -38.8% Piglets 1,925 1,622 18.7% Total 66,818 73,634 -9.3%
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
For further information contact Thom Hoedemakers at Amsterdam Exchanges AEX Tel:+31 20 550 4540 or Paddy Manning at St James Corporate Communications Tel:+44 171 436 4101