The Dax has gotten stuck below the 16,000 point mark. On Thursday, neither the numerous other quarterly reports from German companies nor the producer prices in the USA, which rose less than expected, changed that. The 16,000 point mark is still too high a hurdle.
The Dax has gotten stuck below the 16,000 point mark. On Thursday, neither the numerous other quarterly reports from German companies nor the producer prices in the USA, which rose less than expected, changed that. The 16,000 point mark is still too high a hurdle.
In the afternoon, the leading index fell by 0.25 percent to 15,857.26 points. The MDax gained 0.07 percent to 27,385.37 points. Across Europe, the most important indices also remained close to their previous day’s closing levels.
The German stock exchange barometer has been fluctuating around 400 points for a good month now. There is support just below 15,700 points. On the other hand, however, the psychologically important mark of 16,000 points lies like a lid on the way to the record high of around 16,290 points.
Quarterly figures presented
In Germany, several DAX companies, including Merck, Hannover Re, Telekom and Bayer, were once again in the limelight with quarterly figures. Many more companies from the MDax and SDax also submitted their reports.
The Merck KGaA share made it to the top of the index with a plus of 2.4 percent. The pharmaceutical and specialty chemicals group was hit by the decline in corona revenues and the ongoing weakness in the sale of liquid crystals for screens at the beginning of the year. However, the adjusted operating result did not fall as significantly as analysts had expected. After a surprisingly good start to the year, Hannover Re, the world’s third-largest reinsurer, is on track to its planned record profit for 2023, which gave this share certificate an increase of 0.6 percent.
Deutsche Telekom reported its highest quarterly profit in years and slightly raised its full-year operating profit target. Above all, however, the strong business development on the home market of Germany was well received by analysts. The T-Share rose by 0.4 percent.
On the other hand, the continued pressure on the exceptionally high prices for the weed killer glyphosate a year ago made Bayer a little more cautious for 2023. On the market, however, the weakness of the pharmaceutical division was criticized above all. The share lost 6.5 percent as the Dax tail light.
Knorr- Bremse better than expected
In the MDax, attention was focused on Knorr- Bremse and Thyssenkrupp, among others, while in the SDax it was on the Suse share, but also on the shares of Süss Microtec, GFT, Grenke, Bilfinger and Cancom.
The truck and train brake manufacturer Knorr- Bremse did better than expected in the first quarter. The stock rose 3.8 percent at the top of the index. Thyssenkrupp, on the other hand, slipped into the red due to value adjustments in the steel division, which led to a price loss of 3.4 percent.
The euro traded at $1.0944 in the afternoon session. The European Central Bank set the reference rate at $1.0950 on Wednesday afternoon.
On the bond market, the current yield fell from 2.34 percent on the previous day to 2.30 percent. The Rex pension index rose by 0.13 percent to 126.72 points. The Bund future gained 0.70 percent to 136.91 points.
Source: Stern
