Weak economic data and significant losses in BASF shares pushed the Dax into the red on Friday. The leading German index fell by 0.13 percent to 15,455.92 points by midday. The MDax for medium-sized companies rose by 0.51 percent to 28,854.09 points on Friday. The leading eurozone index, the EuroStoxx 50, fell slightly.
Weak economic data and significant losses in BASF shares pushed the Dax into the red on Friday. The leading German index fell by 0.13 percent to 15,455.92 points by midday. The MDax for medium-sized companies rose by 0.51 percent to 28,854.09 points on Friday. The leading eurozone index, the EuroStoxx 50, fell slightly.
According to the Federal Statistical Office, gross domestic product in Germany fell by 0.4 percent in the fourth quarter compared to the previous quarter. In a first estimate, the Wiesbaden authority only assumed a decline in economic output of 0.2 percent.
With minus 5.6 percent, the clear Dax tail was BASF. A trader saw the early termination of a share buyback program and the chemical company’s outlook as a burden.
Meanwhile, industry colleague Covestro benefited from the production closures also announced by BASF: Covestro’s shares increased by 0.6 percent.
Hensoldt’s shares reached a record high a year after the start of Russia’s war of aggression in Ukraine. With a recent increase of a good one percent, the defense electronics manufacturer was one of the biggest daily winners in the SDax small-cap index. In the course of the year so far, the share price has increased by 36 percent and since the beginning of the war the value of the shares has increased almost two and a half times.
Source: Stern
