On Monday, the German stock market continued the friendly end of the previous week. In the wake of the significant price gains on Wall Street, the Dax rose by 0.79 percent to 12,209.48 points. The leading German index was thus able to stabilize further at the start of the new stock market month of October.
On Monday, the German stock market continued the friendly end of the previous week. In the wake of the significant price gains on Wall Street, the Dax rose by 0.79 percent to 12,209.48 points. The leading German index was thus able to stabilize further at the start of the new stock market month of October.
The MDax of medium-sized companies ended the rather quiet holiday trade in Germany with an even clearer premium of 1.34 percent to 22,670.64 points.
After the weak September and a price drop of almost a quarter since the beginning of the year in the Dax, some investors are now apparently counting on a recovery in the final quarter. The last quarter of the year is usually considered the strongest stock market phase of the year. Bargain hunters were also out and about in the USA at the beginning of the week, with observers explaining the strong price reaction there. Weak US economic data also probably gave new impetus to market hopes for a less restrictive monetary policy by the US Federal Reserve. This also gave the European stock markets a tailwind: the leading eurozone index, the EuroStoxx 50, rose by 0.7 percent on Monday. The gains on the national stock exchanges in Paris and London were somewhat more moderate.
In Germany, stocks from the chemical sector in particular were among the investor favorites on Monday, which have long been under pressure in the wake of the energy crisis: Stocks such as BASF and Covestro in the Dax and Lanxess in the MDax continued to recover from their recent downturn with gains of more than three to more than five percent. Shares in the laboratory equipment supplier Sartorius climbed 5.4 percent at the top of the Dax.
Meanwhile, RWE was the focus of concrete news in view of a billion-dollar takeover. It was announced over the weekend that the energy company was swallowing up the US company Con Edison Clean Energy Businesses, an operator and developer of solar systems and storage systems. The $6.8 billion acquisition will be financed with a construct that will make Qatar’s sovereign wealth fund the largest shareholder in the future. RWE titles went out of business with a plus of almost two percent. Analysts rated the acquisition positively. The title of competitor Eon even gained 2.8 percent.
Shares in United Internet increased by more than three percent after an increased profit forecast, and the price premium for the mobile phone subsidiary 1&1 was similar. Both papers had only reached their lowest level since 2013 last week. However, the new and higher forecast for United Internet’s operating profit is not based on more optimistic sales expectations. Rather, the sluggish network construction at 1&1 leads to lower investment costs.
Otherwise, analyst studies caused price fluctuations. The shares of the wholesale group Metro, for example, fell by almost eight percent at the bottom of the SDax small-cap index after Baader Bank had downgraded them and now recommends selling with “Reduce”.
The euro rose in evening trade and was last seen at $0.9808. The European Central Bank (ECB) had previously set the reference rate at $0.9764 (Friday: $0.9748). The dollar had thus cost 1.0241 (1.0258) euros.
Because of German Unity Day, the Bundesbank did not publish any information on the current yield on the bond market and the Rex bond index on Monday. The Bund future rose by 2.10 percent to 141.17 points.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
