Stock Markets January 29, 2026

AEX Edges Lower as Industrials, Materials and Property Stocks Drag Index Down

Amsterdam benchmark slips 0.02% as mixed sector moves leave market marginally weaker at the close

By Nina Shah SHEL
AEX Edges Lower as Industrials, Materials and Property Stocks Drag Index Down
SHEL

Netherlands equities finished marginally lower on Thursday, with weakness in Industrials, Basic Materials and Real Estate outpacing gains in telecommunications and energy. The AEX closed down 0.02%, while market breadth tilted toward decliners and volatility held steady. Commodity and FX markets showed notable movement, with crude and Brent oil rising and gold futures slipping.

Key Points

  • AEX closed down 0.02% as losses in Industrials, Basic Materials and Real Estate outweighed gains.
  • Market breadth favored decliners, with 54 stocks down, 45 up and 9 unchanged on the Amsterdam exchange.
  • Energy and telecom names such as Shell and KPN were among the session leaders, while semiconductor and information services stocks registered significant declines.

Netherlands stocks ended slightly lower on Thursday, as losses clustered in the Industrials, Basic Materials and Real Estate sectors pressured the market. The AEX closed the session down 0.02% in Amsterdam.

Top gainers

  • Koninklijke KPN NV (AS:KPN) led advances on the index, rising 2.79% - up 0.11 points to finish at 4.09.
  • Shell PLC (AS:SHEL) added 2.47%, a rise of 0.78 points to close at 32.42.
  • Heineken (AS:HEIN) firmed by 1.78%, up 1.20 points to 68.80 at the close.

Largest decliners

  • BE Semiconductor Industries NV (AS:BESI) was the session's weakest performer, sliding 4.07% - a fall of 6.90 points to 162.55.
  • Relx PLC (AS:REL) dropped 3.39%, down 1.06 points to 30.22.
  • Wolters Kluwer (AS:WLSNc) declined 2.58%, falling 2.10 points to 79.22.

On the Amsterdam Stock Exchange, falling issues outnumbered advancers by 54 to 45, while 9 stocks finished unchanged. The session included notable lows for a couple of names: Relx PLC fell to a 52-week low at 30.22, reflecting the 3.39% decrease, and Wolters Kluwer closed at a three-year low of 79.22 after a 2.58% decline.

Volatility and breadth

The AEX Volatility index, which tracks the implied volatility of AEX options, was unchanged on the day at 21.09.

Commodities and currencies

Commodities saw several meaningful moves. Crude oil for March delivery gained 3.12% - up $1.97 - to $65.18 a barrel. Brent oil for April delivery climbed 2.81%, a $1.89 increase to $69.26 a barrel. In contrast, the April Gold Futures contract fell 0.36%, losing $19.36 to trade at $5,320.84 a troy ounce.

In currency markets, EUR/USD was effectively flat, changing by 0.03% to trade at 1.20, while EUR/GBP registered an unchanged move of 0.02% to 0.87. The US Dollar Index Futures eased 0.14% to 96.14.


This session left the AEX marginally lower overall, with gains concentrated in a handful of large-cap names while a greater number of stocks declined. Volatility remained steady as commodity markets showed mixed direction.

Risks

  • Concentration risk in sectors - weakness in Industrials, Basic Materials and Real Estate could weigh on overall market performance.
  • Company-specific downside - shares of Relx and Wolters Kluwer hit multiyear lows, indicating individual issuer risk within the index.
  • Commodity price swings - sizable moves in crude and Brent oil and a drop in gold futures add uncertainty for commodity-sensitive sectors.

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