Heavy September Trading On Amsterdam Exchanges

September was another busy month for Amsterdam Exchanges, although turnovers remained below the record levels achieved in July and August. In comparison with September 1196, the number of transactions processed by AEX-Clearing & Depository rose by 60% to 563,887. The AEX index of the 25 most active shares on Amsterdam Exchanges posted its biggest one-day gain in history early in the month. On 2 September, the index rose by 43.29 points to 925.21. The AEX index closed the month at 920.00 points, almost 60% higher than in September 1996.

AEX-Effectenbeurs

On AEX-Effectenbeurs this month the value of bonds admitted to listing totalled f 5.5bn. Notable new listings included a package of bonds backed by mortgages listed under the name European Mortgage Securities (EMS), a company set up especially for this purpose by ABN AMRO. In the month September, EMS bonds valued at f 1.9bn were admitted to listing by Amsterdam Exchanges.

The value of shares admitted to listing in September totalled f 1.8mn. Interesting newcomers included the admission of the stock UCC to Amsterdam's New Market (NMAX) and the listing of the Postbank IT Fund, the Postbank's first theme-based investment fund.

Heavy trading in shares and bonds on the AEX-Effectenbeurs generated heavy turnovers. A total of f 165.9 million in shares and bonds changed hands this past months, an increase of 17% in comparison with the same month in 1996.

The Dutch Top 5 index was September's best performing index on Amsterdam Exchanges. The Top 5, which measures the performances of Akzo Nobel, KLM, Royal Dutch Philips and Unilever rose by 9.1% to close at 1663.16 on 30 September. The FTSE Eurotop 100 index also did well this month, posting a net gain of 8.1% to close at 2309.12.

AEX-Optiebeurs

September turnover on the AEX-Optiebeurs amounted to 3.6 million contracts, an increase of 77% in comparison with September 1996. Premium turnover in the same period rose by more than 200% to f7.4bn.

In September, the option on ABN AMRO was the most actively traded individual equity option in Europe with a turnover of over 749,00 options. The second most actively traded individual equity option on the Amsterdam Exchanges was the AEX-index option, which achieved a turnover of 651,000 contracts, up 35% from the level recorded in September 1996.

AEX-Agrarische Termijnmarkt

Amsterdam's Agricultural Futures Market this month achieved a turnover of just under 9,983 contracts, 34% more than in the same period last year. There was a marked increase in the number of potato contracts traded: turnover in this segment of the market rose by 152% to 5,743.

Monthly statistics Amsterdam Exchanges - September 1997

Indices    Sept '97    Sept '96    change    end '96      change
AEX         920         577        59.5%       648        41.92%
AMX        1,470        892        64.7%       938        56.69%
TOPS       1,663        907        83.3%     1,024        62.38%
E100       2,309      1,472        56.9%     1,613        43.14%

AEX-Effectenbeurs                Sept '97   Sept '96    change
Turnover (in Dfl, mln)
Shares                             84,202     51,022     65.0%
Bonds                              81,648     91,043    -10.3%
NMM                                    38          -      0.0%
Total                             165,888    142,065     16.8%

Transactions
Stocks                            560,537    344,469     62.7%
Bonds                              26,816     33,020    -18.8%
NMAX                                3,406          -      0.0%
Total                             590,759    377,489     56.5%

AEX-Clearing & Depository        Sept '97   Sept '96    change
Transactions
Clearing & Depository             563,887    344,469     61.1%
ASAS                               18,074     17,358      4.1%

AEX-Optiebeurs                   Sept '97  Sept '96     change
Premium turnover (in Dfl. mln)
Indices                             3,647       934     290.5%
Shares                              3,582     1,450     147.0%
Other                                 130        57     126.3%
Total                               7,359     2,441     201.4%

Contracts
Indices                          877,482    523,726      29.4%
Shares                         2,604,290  1,284,161     102.8%
Futures                          210,959    130,507      61.6%
Other                             76,656     81,085      -5.5%
Total                          3,569,387  2,019,479      76.7%

Exercised contracts
Indices                          33,552      21,086      59.1%
Shares                          140,729      52,116     170.0%
Futures                           5,713       5,483       4.2%
Other                             7,604      11,983     -36.5%
Total                           187,598      90,668     106.9%

AEX-Agrarische Termijranarkt   Sept '97    Sept '96     change

Contracts
Live Hogs                         4,159       5,087     -18.2%
Potatoes                          5,743       2,275     152.4%
Piglets                              81         100     -19.0%
Total                             9,983       7,462      33.8%

Turnover         Sept 97    Sept 96     change
(in Dfl. Mln)
Stocks           843,026    465,194      81.2%
Bonds            839,908    1,026,161   -18.2%
NMAX                 258    -             0.0%
Total            1,683,192  1,491,355    12.9%

AEX-Effectenbeurs             Y.T.D. '97     Y.T.D. '96  change
Transactions (in Dfl. mln)
Stocks                         5,907,775     3,212,096    83.9%
Bonds                            314,803     342,453      -8.1%
NMAX                              26,164           -       0.0%
Total                          6,248,742     3,554,549    75.8%

AEX-Clearing & Depository     Y.T.D. '97  Y.T.D. '96     change

Transactions
Clearing & Settlement        5,944,883     3,253,923      82.7%
ASAS                           274,748       189,588      44.9%

AEX-Optiebeurs              Y.T.D. '97    Y.T.D. '96     change
Premium turnover (in Dfl. mln)
Indices                         33,437         9,989     234.8%
Shares                          55,717        14,601     281.6%
Other                            1,179           711      65.7%
Total                           90,333        25,301     257.0%

Contracts
Indices                      6,697,960     4,994,291      34.1%
Shares                      28,036,002    13,035,778     115.1%
Futures                      1,895,145     1,118,920      69.4%
Other                          958,374       980,727      -2.3%
Total                       37,587,481    20,129,716      86.7%

Exercised contracts
Indices                        417,177       240,813      73.2%
Shares                       1,690,587     1,134,026      49.1%
Futures                         52,186        38,389      35.9%
Other                           84,579       126,348     -33.1%
Total                        2,244,529     1,539,576      45.8%

AEX-Agrarische Termijnmarkt  Y.T.D. 97    Y.T.D. '96     change

Contracts
Live Hogs                       45,127        38,177      18.2%
Potatoes                        58,541        66,264     -11.7%
Piglets                          2,134         2,085       2.4%
Total                          105,802       106,526      -0.7%

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information contact Thom Hoedemakers, Amsterdam Exchanges AEX Amsterdam: 00 31 20 550 4540 or Paddy Manning, St James Corporate Communications London: 44 171 436 4101.