Enthusiasm on the Damrak

Within the AEX index, Adyen is currently posting the biggest gain, up 9%. A notable riser on the Damrak is Alfen, which has benefited from a target price increase by Jefferies and posted a provisional weekly gain of 26%. In the Midkap index, Heijmans is the top performer with a weekly gain of 11%.

Heijmans is growing faster than expected

Thanks to sustained market demand and the accelerated implementation of its strategy, Heijmans is ahead of schedule in achieving its financial targets. The company is committed to robust growth towards 2030. The company points to positive structural market conditions in housing, workplaces and connectivity, and expects to secure additional contracts due to investments in energy infrastructure, roads, maintenance and defence. The dividend policy remains unchanged.

Shell sees continued demand for oil and gas

At the annual general meeting, Shell CEO Wael Sawan said that he expects demand for oil and gas to remain high for decades to come. He highlighted the sharp rise in gas consumption in the transport sector, particularly in China and India. The energy company has stated that the war will not alter its strategy, and that wind and solar energy are not core competences. A climate resolution failed to gain sufficient shareholder support to oblige Shell to conduct a scenario analysis of the impact of declining demand on its operating results. Shell remains committed to oil and gas as its core activities. Sawan confirmed that a takeover of BP is not on the agenda, describing the company’s own shares as undervalued.

ArcelorMittal reduces stake in Vallourec

ArcelorMittal has sold part of its stake in Vallourec. The steel company has sold 23.9 million shares, reducing its holding in Vallourec from 27.4% to 17.4%. The proceeds amount to approximately €600 million, which are likely to be invested in share buybacks and potential growth. This move aligns with the company's goal of achieving a simpler group structure, and it also reflects the changing nature of the steel market due to import tariffs in the United States. Consequently, the company will shift its focus from tubular products to flat steel in the United States.

ASML expresses confidence in new technology

ASML expects the first chips to be manufactured using High-NA machines within a few months. High-NA (high numerical aperture) refers to the new generation of EUV (extreme ultraviolet) chip machines. These comments were made by Christophe Fouquet during a conference in Antwerp organised by Imec, the leading Belgian technology research institute. TSMC recently stated that it currently considers the machines too expensive. However, Fouquet is confident about the introduction of the technology, which enables much smaller structures on chips. Intel is already preparing to use High-NA technology, and memory manufacturers such as SK Hynix are also showing interest. While TSMC is sticking with the current EUV system for the time being, other players, including Samsung, are testing new systems based on this technology. Fouquet expects AI to increase annual chip demand by 20%.