Business News
Dutch stock exchange experiences dramatic day
Oct 24, 2008, 11:07 GMT
Amsterdam -Stocks on the Amsterdam exchange dropped dramatically Friday. By noon local time (1000 GMT) the main AEX index stood at 234 points, down 9.25 per cent on the day.
Shares of bank and insurance company ING Group, which on Sunday received 10 billion euros (12.87 billion euros) in government aid in exchange for securities, dropped the most, 14.38 per cent.
Steel manufacturer Arcelor Mittal was not far behind, down 12.96 per cent.
Similar negative developments could be seen in Amsterdam in shares across all economic sectors - from banking and insurance to electronics and construction.
Employment agency USG People dropped 12.55 per cent, while oil company Royal Dutch Shell dropped 11.85 percent.
The only positive exception was supermarket giant Ahold. Early Friday, Ahold released its third quarter results, surprising analysts with reports of sales increasing by 3.9 per cent, or 5.8 billion euros (7.47 billion euros). Shares rose by 4.05 per cent.
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