ING closes up 30% on Monday
Shares in financial services group ING closed up 30% on Monday, following the government’s €10bn capital injection in the company.
According to the AD newspaper, insurer Aegon and SNS Reaal bank are now expected to request support from the same €20bn fund set up by the government earlier this month to aid fundamentally healthy financial institutions.
ABN Amro and Fortis have already been privatised.
Amsterdam’s AEX blue-chip index closed up 6.8% at 269.41 points on Monday.
Speaking on tv show Netwerk on Monday night, former finance minister Gerrit Zalm said he thought the financial sector has now hit its deepest point.
But the consequences of the credit crisis will continue to affect the actual economy for years to come, Zalm was quoted as saying in Tuesday’s Telegraaf.
Traders quoted by the NRC said they expect share price volatility to die away.
‘I think calm will return. That is what everyone is waiting for,’ fund manager Corné from SNS told the NRC. The last three months of the year are traditionally good for stocks, he pointed out.
Thank you for donating to DutchNews.nl.
We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.
Make a donation