Stock Markets January 28, 2026

AEX Retreats 0.45% as Tech, Industrials and Telecoms Lead Losses

Mixed individual stock moves contrast with broad index decline in Amsterdam session

By Priya Menon SHEL
AEX Retreats 0.45% as Tech, Industrials and Telecoms Lead Losses
SHEL

Netherlands equities closed lower on Wednesday, with the AEX falling 0.45% as declines in Technology, Industrials and Telecoms weighed on the market. A narrow margin of advancing versus declining issues left the session finely balanced even as commodities and currency benchmarks moved unevenly across markets.

Key Points

  • AEX closed down 0.45%, driven by losses in Technology, Industrials and Telecoms sectors.
  • Top AEX gainers included IMCD (+2.62%), Aegon (+2.27%), and Shell (+1.54%); notable decliners were Adyen (-3.88%), BE Semiconductor (-3.58%), and ABN AMRO (-2.32%).
  • Commodities and currencies were mixed: crude and Brent oil rose modestly, April Gold Futures surged, EUR/USD weakened, and the US Dollar Index Futures strengthened.

Netherlands shares ended the trading session in Amsterdam on a softer note Wednesday, with the AEX index closing down 0.45% after pressure from the Technology, Industrials and Telecoms sectors.

At the close, IMCD NV was the top gainer on the AEX, rising 2.62% or 2.02 points to finish at 79.16. Aegon Ltd added 2.27% or 0.15 points to close at 6.59, while Shell PLC increased 1.54% or 0.48 points to end the day at 31.64.

On the downside, Adyen NV posted the steepest decline, falling 3.88% or 51.80 points to close at 1,283.00. BE Semiconductor Industries NV lost 3.58% or 6.30 points to finish at 169.45, and ABN AMRO Group NV declined 2.32% or 0.73 points to close at 30.78.

Broad market breadth was narrowly negative: rising stocks slightly outnumbered decliners by 47 to 46, while 13 issues ended unchanged on the Amsterdam exchange.

Volatility for the AEX, as measured by the AEX Volatility index, was unchanged on the day at 21.09.

Commodity markets moved mixed alongside equity flows. Crude oil for March delivery rose 0.54% or 0.34, settling at $62.73 a barrel. Brent crude for April delivery was up 0.44% or 0.29 to $66.88 a barrel. Precious metals registered gains for the session: the April Gold Futures contract moved higher by 4.05% or 207.51 to trade at $5,328.11 a troy ounce.

Currency markets also showed notable shifts. The euro weakened versus the dollar, with EUR/USD down 0.88% to 1.19. EUR/GBP was recorded as unchanged 0.40% at 0.87. The US Dollar Index Futures was firmer, up 0.32% at 96.36.


The session reflected a combination of sector-specific pressure and mixed signals from commodities and currency markets. While a handful of stocks posted solid gains, several large names drove losses that pushed the overall index into negative territory.

Risks

  • Sector concentration of losses in Technology, Industrials and Telecoms could sustain downward pressure on the index in the near term.
  • Volatility metrics were unchanged, but notable moves in commodities and currencies introduce uncertainty for market participants, particularly in energy and export-sensitive sectors.
  • A narrow breadth reading, with advancing and declining issues nearly balanced, suggests fragile market internals that may amplify moves if sentiment shifts.

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