Stock Markets January 27, 2026

AEX edges higher as tech and materials lead gains in Amsterdam

Technology, telecoms and basic materials buoy indexes while select large caps post mixed moves

By Nina Shah ASML
AEX edges higher as tech and materials lead gains in Amsterdam
ASML

Netherlands equities closed higher on Tuesday, with the AEX index finishing up 0.29% as gains in the Technology, Telecoms and Basic Materials sectors supported the market. Major movers included ASML, ABN AMRO and ASM International on the upside, while Relx, Adyen and Magnum Ice Cream weighed on the session. Market breadth was narrowly negative and key commodity and FX benchmarks moved notably during the trading day.

Key Points

  • AEX closed up 0.29%, driven by gains in Technology, Telecoms and Basic Materials sectors.
  • Top winners included ASML (+3.36% to 1,217.60), ABN AMRO (+2.04% to 31.51) and ASM International (+1.97% to 724.20); top losers were Relx (-4.64% to 31.62), Adyen (-4.22% to 1,334.80) and Magnum Ice Cream (-4.19% to 14.70).
  • Market breadth was narrowly negative with 50 decliners, 47 advancers and 12 unchanged; commodities and FX showed notable intraday moves, with oil up and gold slightly down.

Stocks listed in the Netherlands ended Tuesday's session in positive territory, led by strength in the Technology, Telecoms and Basic Materials sectors.

AEX performance
The AEX closed the day up 0.29%.

Notable gainers
ASML Holding NV saw the largest advance on the AEX, rising 3.36% or 39.60 points to finish at 1,217.60. ABN AMRO Group NV added 2.04% or 0.63 points to close at 31.51. ASM International NV also posted gains, climbing 1.97% or 14.00 points to end the session at 724.20.

Notable decliners
Relx PLC was the biggest decliner on the index, down 4.64% or 1.54 points to 31.62 at the close. Adyen NV fell 4.22% or 58.80 points to finish at 1,334.80. Magnum Ice Cream NV declined 4.19% or 0.64 points, closing at 14.70.

Breadth and record levels
On the Amsterdam Stock Exchange, falling stocks outnumbered advancing ones by 50 to 47, with 12 shares unchanged at the close. During the session ASML and ABN AMRO reached all-time highs, while ASM International rose to 52-week highs. By contrast, shares of Relx hit 52-week lows.

Volatility and commodities
The AEX Volatility gauge was unchanged on the day, at 21.09. In commodities, crude oil for March delivery rose 2.29% or $1.39 to $62.02 a barrel. Brent for April delivery increased 2.07% or $1.34 to $66.11 a barrel. April gold futures fell 0.06% or $2.90 to trade at $5,119.40 a troy ounce.

Foreign exchange and dollar index
EUR/USD was up 0.81% to 1.20. EUR/GBP was quoted at 0.87, with a 0.10% figure reported. The US Dollar Index Futures declined 0.79% to 96.09.


Market context and takeaways
The session combined sector-led advances with some large-cap softness, resulting in a modest net gain for the AEX. Technology names provided notable upside momentum, while weakness among a subset of heavyweight names limited broader participation. Commodity prices moved higher for oil benchmarks while gold was slightly lower. FX markets showed a stronger euro against the dollar on the day.

What this means for market participants
Investors tracking Dutch equities saw mixed signals: concentrated strength among certain technology and banking names contrasted with meaningful declines in media and select consumer stocks, leaving market breadth narrowly tilted toward losses despite the index-level gain.

Risks

  • Concentration risk: strength was concentrated among a few sectors and large-cap names, which could limit broader market participation - impacts Technology, Financials and Materials sectors.
  • Volatility and commodity swings: notable moves in crude and Brent prices could influence energy-linked and industrial names - impacts Commodities and Industrials sectors.
  • Large-cap divergences: sharp declines in some heavyweight stocks may create downside pressure for index performance despite sector gains - impacts Media and Consumer sectors.

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