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Belgian shares seen drifting, Audiofina stable

BRUSSELS: Belgian shares were seen drifting lower in calm pre-Easter trade after testing but failing to close above Bel-20 resistance at 1,700 points on Wednesday. Volume was worth 2.3 billion francs.

The index closed 3.03 points, 0.18 percent, lower at 1,694.17 after peaking at 1,706.07

"I think we will consolidate now after the strong rise of the last few days," one trader said. "I think we could fall to 1,650 or 1,660 before stabilising," he added.

Luxembourg media holding Audiofina took the limelight Wednesday with a 145 franc, 10.4 percent, surge to 1,545.

Shares in Belgian holding GBL, which controls Audiofina, climbed 2.2 percent to 4,115 francs on volume of 25,750 shares.

Dealers said there was room for both shares to stabilise or rise further as more details of a European TV deal between Bertelsmann and Audiofina's CLT, emerged.

"It is already clear the deal lifts worries that CLT would not have the cash to become a big player in the European digital TV market," one said.

GBL's Bank BBL was unchanged at 5,800 francs. Dealers said GBL was still keen to sell its BBL stake in spite of having engineered fresh cash for CLT from Bertelsmann.

Photo-finishing company Spector added 5.1 percent at 2,250. Spector has risen 25 percent since announcing profits of 235 million francs on 14 March.

"It is difficult to say where the rise will stop. Growth stocks like Spector are extremely sought after," a trader said.

Solvay climbed 0.7 percent at 17,800 after raising its net dividend on 1995 earnings to 550 francs per share Tuesday.

Oil share Petrofina, insurer AG Fortis, and Generale Bank were among the main blue chip losers.-Reuter