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Dutch equities close lower

AMSTERDAM: Dutch shares spent most of Thursday idling around the Wednesday close before lurching downwards late in the session, coat-tailing the Wall Street opening where the Dow dropped 25 points early on.

"We've spent most of the day not doing all that much and then only really pushed down in the last half hour," said one dealer. "What news we've had recently hasn't been all that good and that's left people inclined to take profits," he said.

The AEX index closed 1.60 points down at 459.23 although some dealers said they saw it sticking pretty close to the recent 458-464 range for the time being.

He added most figures in the current reporting season had been broadly in line with expectations, although when a company's results disappointed its stock tended to be hit hard.

"I think that's what we're seeing in Nedlloyd," he said. The Rotterdam-based shipper on Wednesday announced first half profits from normal operations of 38 million, below forecasts of 45-65 million. It added another 1.60 guilder loss to yesterday's 2.70 decline to close at 55.00 guilders today.

Interest focused on Fokker again after the company's shares were suspended by the bourse at 8.20 guilders, only to be reinstated at 1000 GMT after the company assured the bourse that it could meet its financial obligations.

The shares finished 70 cents, 8.5 percent, lower at 7.50 guilders as the market settled down to wait for fresh news on a new capital injection for the company from German majority shareholder Daimler and the Dutch government.

Daimler said it stood by the company, while Fokker said its businesses were improving and that it needed more time to straighten out its traumatised finances.

The day's grim tidings were not restricted to Fokker. Engineering consultancy Fugro dismayed investors with news of a 1.1 million guilder first half profit vs 8.7 million last time.

Its accompanying warning that 1995 profit will be below the 37.5 million it previously expected sent its share price crashing 9.90 guilders or 36 percent lower to 17.70.

Philips finished 2.70 guilders lower at 75.20 as U.S. investors found themselves on the wrong side of the recent dollar advance and took profits. Other leaders saw Royal Dutch up 70 cents to 193.80 and Unilever 20 cents up at 207.50.-Reuter