Stock market update: optimism dominates the Brussels stock exchange

(ABM FN) The Brussels stock exchange enjoyed the optimism that reigned on the European stock markets on Tuesday. Towards the end of the morning, the Bel20 posted 1.8 percent higher at 3,134.06 points.

There is no doubt that the US presidential elections are supporting the market, JPMorgan Asset Management analyst Vincent Juvyns told ABM Financial News.

Based on polls, markets are expecting Democratic candidate Joe Biden to win the election, Juvyns said. This is also the most positive result from a European perspective, he believes. Juvyns pointed to, among other things, the multilateral approach supported by Biden.

Given today’s prices, the risk of contesting the election results is not being priced in by the markets, Juvyns concluded.

“The market is counting on a positive election result,” the analyst concluded.

Juvyns further notes that the market is also supported by good operating results. He himself was surprised by last week’s stock market falls, when the published results, including those of the technology sector, were good in his opinion.

In addition, Juvyns emphasized that the data released at the macroeconomic level in recent days is “very good”, even if it is data for the third quarter. It is not very busy for the rest of the week, says Juvyns. He is looking forward to the American job report on Friday.

The euro / dollar was trading at 3,134.06.

Gainers and fallers

A majority of the main shares were listed in green on Tuesday morning. Only Proximus lost 2.7 percent.

Aperam took the lead with a price increase of 4.6 percent. The specialist in stainless steel will open the books on Wednesday.

Galapagos and partner Gilead have received approval from the European Medicines Agency to apply for a license for filgotinib for the treatment of ulcerative colitis. The application is now being evaluated by the European Medicines Agency (EMA). The stock won 3.6 percent.

Umicore saw its target price reduced to EUR 35.00 by both ING and Degroof Petercam. Both exchange houses also maintained their Houden advice. Umicore’s cautious tone on the battery branch on Monday caused analysts to revise their estimates downwards. The share nevertheless added 1.8 percent.

On the second line, Biocartis shot up by no less than 13.9 percent. The Belgian biotech company announced two new partnerships, with the American Endpoint Health and the Chilean GeneproDx. No financial details were reported. According to Degroof Petercam, Biocartis can partially compensate for the disappointment caused by the termination of the collaboration with Exact Sciences. Although there is limited visibility on the commercial potential of both announcements, the analyst said.

Kinepolis recovered with a hefty 6.1 percent. The share of the cinema group has been under considerable pressure since the start of the corona crisis, and the new Belgian lockdown did not help sentiment.

Agfa-Gevaert was at the bottom of the BelMid with a loss of 3.6 percent. KBC Securities lowered the advice from Buy to Accumulate and the target price of 5.80 and 5.00 euros. The analyst expects a weak quarterly report on November 13.

In the smaller shares, Accentis rose 7.6 percent, while Wereldhave Belgium lost 2.8 percent.

ABM Financial News; [email protected]; Redactie: +31(0)20 26 28 999.

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