Chip stocks lift AEX above 1,000; Signify plunges 17% after weak earnings

The AEX index in Amsterdam, the benchmark tracking the 25 largest Dutch companies, closed higher Friday, helped by gains in chipmakers Besi, ASMI, and ASML, while the MidKap, which tracks mid-sized firms, fell after a sharp drop in Signify shares.

The AEX rose 0.5 percent to 1,001.65 points, reclaiming the 1,000-point mark. Besi, ASMI, and ASML gained up to 2 percent, recovering from losses earlier in the week. The MidKap declined 0.7 percent to 983.06 points. European peers also advanced, with London, Paris, and Frankfurt climbing as much as 0.9 percent.

Signify, the Eindhoven-based lighting company, plunged more than 17 percent in the MidKap. The decline follows Friday’s announcement of global cost-cutting plans that will eliminate 900 jobs, including roughly 150 in the Netherlands. CEO As Tempelman said the restructuring aims to save about 180 million euros amid challenging market conditions.

In the AEX, Randstad led the gains with a 5.8 percent increase, boosted by strong results from U.S. peer Manpower. Logistics real estate firm WDP rose 3.4 percent following its earnings report. Prosus was the largest loser in the main index, down 2.6 percent, while Shell fell 0.3 percent after a 2.5 percent gain the previous day amid concerns about a potential U.S. attack on Iran.

In the MidKap, Fugro surged more than 7 percent after investment bank Jefferies removed the company from its sell list. Among smaller stocks on Beursplein 5, Sligro climbed 9.7 percent after Oddo BHF upgraded the wholesaler.