Belgian stocks surge on industrial and financial stocks, BEL 20 index surges more than 3%
(Investing.com) – The Belgian stock market closed Thursday in the green, as investors looked forward to an economic recovery and gains in key industrial, financial and healthcare stocks. The BEL 20 index rose 3.19%, marking its strongest one-day gain in weeks.
Top stocks leading the BEL 20 rally
The rally was led by Warehouses de Pauw Comm VA (EBR:WDPP), an industrial real estate stock, which rose 4.92% to close at EUR 20.04. The momentum was driven by a positive outlook for warehouse and logistics demand in Europe.
Next up was Belgian conglomerate Groep Brussel Lambert NV (EBR:GBLB), up 4.65% to EUR65.20, helped by solid cash flow and strategic investments in green technology.
Azelis Corporate Services NV (EBR:AZE), a specialty chemicals distributor, also rose 4.50% to close at EUR15.33, as investors praised the company's international expansion strategy.
Stocks weakly rise and correct slightly
Despite the overall positive market, some stocks still recorded low gains or corrected slightly:
Galapagos NV (AS:GLPG) fell slightly by 0.66% to EUR21.10, amid concerns over progress on new drug research.
Solvay SA (EBR:SOLB) rose modestly by 0.61% to EUR29.70.
Umicore SA (EBR:UMI) edged up 1.14% to €7.54, despite support from its precious metals recycling business.
Advancing stocks outnumbered declining ones in Brussels, with 87 stocks rising, just 11 falling, and nine flat.
Commodities and currencies: Gold continues to rise, oil plunges
Gold futures for June delivery rose sharply by 3.05% to $3,173.46 an ounce, indicating that safe-haven sentiment is still in the ascendant.
Meanwhile, May WTI crude fell 4.65% to $59.45 a barrel,
and June Brent crude fell 4.14% to $62.77 a barrel, amid concerns over global oversupply and weak growth prospects from Asia.
In the currency market:
EUR/USD rose 2.12% to 1.12,
EUR/GBP rose 1.18% to 0.86,
The Dollar Index fell sharply by 1.73% to 100.85.
SOLB – Long-term opportunity or just a short-term recovery?
With a slight increase in the session but still maintaining a positive trend, Solvay SA (SOLB) is making investors wonder: should you invest $2,000 in this stock right now?
According to data from ProPicks AI – Investing.com’s smart portfolio model – SOLB may be among the undervalued stocks with potential to break out in the medium and long term. With a series of stocks found to have increased by more than 25% this year alone, the portfolio from ProPicks AI is a useful tool for investors looking for high and sustainable profit opportunities.