Amsterdam shares close higher as Shell and SBM Offshore gain

The AEX stood at 1,112.52 points shortly after trading began on 28 September. The MidKap gained 0.3% to 1,084.97 points, and Shell rose 1%. London and Paris were each up 0.3%, while Frankfurt was little changed. [1]

Brent crude was quoted at $106.87 a barrel, up 2.5%, and US oil at $94.07, up 1.8%, in the Amsterdam opening report. Reuters also reported rising oil prices that morning, quoting Brent at $107.75 at 05:40 GMT. [1] [3]

Trump said on Saturday that he had rejected Iran’s proposal. The plan included reopening the Strait of Hormuz and resuming nuclear talks in about a week if the US lifted its naval blockade, removed sanctions on Iranian oil sales and restored a regional ceasefire. [4] [5]

Trump told Axios on Sunday that he expected further talks this week. Iran’s foreign minister, Abbas Araghchi, said Tehran was still awaiting an official response through mediators. Oil shipments through Hormuz have continued: preliminary Kpler figures cited by Reuters put September crude flows at about 7.4 million barrels a day. [5] [3]

Update

The AEX closed on 28 September at 1,116.12 points, up 0.4%, while the MidKap rose more than 1% to 1,092.29. Shell gained 1.6% and oil services group SBM Offshore climbed 2.9%, making it the AEX’s biggest gainer. ANP linked their gains to higher oil prices: Brent rose 3.6% to more than $108 a barrel, while US crude rose 3.5% to $95.64. [6]

MidKap construction companies BAM and Heijmans gained 7.7% and 5.4% respectively, while pharmaceutical supplier Fagron rose 6.4%. The gains were not across the board: chip industry supplier Besi fell 1.7%. [6]