March
The Amsterdam EOE index again climbed to a new record high in March of 531.65, a four percent gain on end-February. At the end of the month the bourse gained added impetus from the Dutch central bank's surprise cut in the rate on advances to 2.5 percent, its lowest level in more than 60 years. The rate on the latest 10-year government bond issue picked up a touch: from 6.39 to 6.4 percent. Foreign stock exchanges were swayed by mad cow disease (which depressed the London Stock Exchange) or elections results (which boosted Germany's bourses).
Rising turnover trend
Turnover rose sharply compared with a more than healthy first quarter of 1995, with share and bond turnover both rising to new records.
The first quarter turnover nearly doubled compared to the first three months of last year: from 87.1 billion to 165.2 billion guilders.
Total turnover in March amounted to 156.6 billion guilders, compared with 172.2 billion in February and 134.5 billion guilders in March 1995. Share turnover fell to 51.5 billion guilders from 58.4 billion in February and compared with 32.1 billion guilders in March 1995. Bond turnover amounted to 105.0 billion guilders in March, with government bonds accounting for 95.4 billion guilders. In February bond turnover amounted to 113.7 billion guilders, and in March 1995 102.3 billion guilders was turned over in bonds.
Amsterdam MidKap Index surges ahead
Amsterdam's MidCap Index, introduced in October 1995, rose far faster than the Amsterdam EOE Index in the first quarter of 1996. This partly reflects the pent-up demand for more locally oriented companies. In 1996 the share price uptrend for AMX component companies lagged slightly behind that of the more internationally oriented companies contained in the AEX. Furthermore the MidCap index companies generally showed good 1995 results and were able to profit more from the Netherlands' stable economic growth thanks to their more domestic orientation. Retrospective calculations show that the Amsterdam MidCap Index has turned in a better performance than the Amsterdam EOE index over the years. For example, in the last five years (1991 through the first quarter of 1996) the AMX has risen 112 percent, compared with a gain of 91 percent in the AEX.
Composition of the Amsterdam MidKap Index
The biggest outperformers within the AMX were computer services company Getronics, window coverings maker Hunter Douglas, copier maker Oce Van der Grinten, office products firm Ahrend and brewer Grolsch.
The AMX is composed as follows (with the percentage change in the share price during the first quarter of 1996 shown in parentheses): Ahrend (+33%), Boer Winkelbedrijven (+5%), Boskalis Westminster (+7.5%), Cap Volmac (+37%), Ten Cate (7%), Gamma Holding (- 1.3%), Getronics (+64%), Grolsch (+30%), HBG (+10%), Hunter Douglas (+52%), IHC Caland (+24%), Internatio Mueller (+23%), KBB (+1%), Macintosh (+14%), NBM Amstelland (+13%), Oce Van der Grinten (+52%), Pakhoed (0.0%), Randstad Holding (+28%), Sphinx Gustavsberg (-7.5%), Stad Rotterdam (+13%), Stork (+18%), Van Ommeren (+13%), Vendex (+1.3%), Volker Stevin (+15%), Wegener (+21%).
Composition of the Amsterdam EOE Index
The Amsterdam EOE Index is composed as follows (here too the percentage change in share price in the first quarter is given in parentheses): ABN AMRO (+12%), Aegon (+8%), Ahold (+23%), Akzo Nobel (-0.5%), BolsWessanen (-1.5%), CSM non convertible depositary receipts (+14%), DSM (+18%), Elsevier (+16%), Fortis Amev (+8%), Gist Brocades (+11%), Hagemeyer (+30%), Heineken (+25%), Hoogovens (+12%), ING Groep (+11%), KNP BT (+0.7%), KLM (+2%), KPN (+11%), Koninklijke Olie (+5%), Nedlloyd (-5%), Nutricia (+28%), Philips Electronics (4%), PolyGram (+18%), Unilever (+0.6%), VNU Verenigd Bezit (+22%), Wolters Kluwer (+20%).
New Issues
Bonds in March
01/03/96 Asian Development Bank, 6 1/4%'96-06, NLG400 million
01/03/96 Staat der Nederlanden, 9%'91 I-II-01, NLG2.8 billion
05/03/96 Banco ABN AMRO S.A., 8 1/8%'96-98, US.$ 150 million
08/03/96 ABN AMRO Australia Limited, 7 1/2%'96-00, Aus.$100
million
08/03/96 N.V. Bank Nederlandse Gemeenten, 3%'96-01, NLG250 million
18/03/96 N.V. Bank Nederlandse Gemeenten, 5%'96-00, NLG500 million
19/03/96 Staat der Nederlanden, 6%'96-06, NLG4.3 billion
20/03/96 Staat der Nederlanden, 6%'96-06, NLG2.7 billion
21/03/96 Staat der Nederlanden, 6%'96-06, NLG2.0 billion
22/03/96 N.V. Bank Nederlandse Gemeenten, 5 1/4%'96-01, NLG750
miljoen
25/03/96 AEGON N.V., 7 1/8%'96 perpetueel, NLG450 miljoen
Shares in March
04/03/96 Baan Company N.V., herplaatsing, NLG97.7 million,
introductionprice NLG90.88
12/03/96 Commerzbank Aktiengesellschaft, issue, NLG1.2 miljard
13/03/96 ASM Litography Holding N.V., issue+re-issue, NLG103.0
miljoen, introductieprijs NLG66.09
18/03/96 Naamloze Vennootschap DSM, herplaatsing, NLG610.7
million, introductionprice NLG154
28/03/96 NKF Holding N.V., re-issue, NLG176.9 million,
introductionprice NLG316
29/03/96 Gucci Group N.V., re-issue, NLG944.3 million,
introductionprice NLG79.35
Enquiries: Herman de Ranitz
Amsterdam Exchanges NV
Tel: +31 20-523 4014
Paddy Manning
St James Corporate Communications
Tel: + 44 171 436 4101
Public Relations/Public Affairs
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