Stock Markets January 29, 2026

Belgian benchmark edges lower as technology, materials and industrials drag

BEL 20 slips 0.13% at close as market breadth tilts toward decliners; energy and metals markets register notable moves

By Nina Shah
Belgian benchmark edges lower as technology, materials and industrials drag

Belgium's BEL 20 ended Thursday modestly lower, weighed by losses in the Technology, Basic Materials and Industrials sectors. Market breadth favored decliners, while select heavyweights outperformed. Commodity and FX markets logged mixed moves that accompanied the session's equity action.

The benchmark fell 0.13% at the close in Brussels, with Elia among the session's top risers and Melexis leading declines.

Key Points

  • BEL 20 closed down 0.13% as losses in Technology, Basic Materials and Industrials led the market.
  • Market breadth was negative with 59 decliners, 34 advancers and 15 unchanged issues.
  • Commodities diverged: gold futures fell while crude oil and Brent surged, and major FX pairs were largely flat.

Belgian equities finished the trading day in negative territory on Thursday, with sector-level weakness in Technology, Basic Materials and Industrials pressuring the benchmark index. At the close in Brussels the BEL 20 declined 0.13%.

Leading the winners on the BEL 20, Elia (EBR:ELI) climbed 1.72% - a rise of 2.10 points - to finish at 124.40, a move that pushed the stock to a 52-week high. Anheuser Busch Inbev SA NV (EBR:ABI) gained 1.57%, up 0.92 points to end the session at 59.64, while Groep Brussel Lambert NV (EBR:GBLB) added 0.82% or 0.65 points to close at 80.15.

On the downside, Melexis NV (EBR:MLXS) posted the largest slide, dropping 2.78% or 1.80 points to settle at 62.95. Syensqo SA (EBR:SYENS) fell 2.21%, down 1.60 points to 70.66, and Solvay SA (EBR:SOLB) retreated 2.13% or 0.54 points to 24.84.

Decliners outpaced advancers on the Brussels exchange by 59 to 34, while 15 issues finished unchanged, indicating a session with broader weakness than strength.

Commodity markets registered mixed performances that accompanied equities. Gold futures for April delivery moved lower, down 0.39% or 20.94 to $5,319.26 a troy ounce. Energy markets were firmer: crude oil for March delivery rose 3.01% or 1.90 to $65.11 a barrel, and the April Brent contract increased 2.70% or 1.82 to trade at $69.19 a barrel.

Foreign exchange markets were largely stable in the session. EUR/USD was essentially unchanged, moving 0.02% to 1.20, with EUR/GBP also unchanged at 0.02% to 0.87. The US Dollar Index Futures declined 0.15% to 96.13.


Observations

  • BEL 20 closed down 0.13% as losses in Technology, Basic Materials and Industrials outweighed gains in select large-cap names.
  • Elia reached a 52-week high after advancing 1.72% to 124.40, while Melexis recorded the steepest fall among the index members.
  • Commodities were mixed: gold slid modestly, while Brent and U.S. crude posted notable gains for the session.

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Risks

  • Sector-specific weakness - Technology, Basic Materials and Industrials underperformed and could continue to pressure the BEL 20.
  • Narrow breadth - decliners outnumbered advancers 59 to 34, signaling limited participation in the rally and potential for wider downside.
  • Commodity volatility - contrasting moves in gold and crude oil introduce uncertainty for market sentiment across resource-linked and industrial sectors.

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