After an overall strong previous week, the German stock market continued its consolidation from Friday. The Dax contained its initial losses and was last listed 0.13 percent lower at 16,083.55 points. In the previous week, the leading index had increased by more than three percent. The MDax with the 50 medium-sized titles lost 0.51 percent on Monday morning to 27,719.57 points. The EuroStoxx 50, the stock exchange barometer for the heavyweights in the eurozone, fell by around 0.6 percent.
After an overall strong previous week, the German stock market continued its consolidation from Friday. The Dax contained its initial losses and was last listed 0.13 percent lower at 16,083.55 points. In the previous week, the leading index had increased by more than three percent. The MDax with the 50 medium-sized titles lost 0.51 percent on Monday morning to 27,719.57 points. The EuroStoxx 50, the stock exchange barometer for the heavyweights in the eurozone, fell by around 0.6 percent.
Mixed economic news came from China: The gross domestic product there grew by 6.3 percent in the second quarter compared to the previous year and thus slightly more than in the first quarter. However, experts had expected a stronger increase on average.
Among the individual stocks, Morphosys stocks were in the focus of investors with a price increase of 5.9 percent at the top of the SDax. The antibody specialist’s shares benefited from an upgrade by Deutsche Bank and are heading back to their high for the year of EUR 30. In a study, analyst Emmanuel Papadakis highlighted the opportunities for Morphosys’ drug Pelabresib, which is currently in a crucial testing phase against the malignant bone marrow disease myelofibrosis.
With a minus of 0.1 percent, the shares of Drägerwerk were only slightly impressed by the key data of the medical and safety technology provider. Thanks to better delivery capability, Drägerwerk jumped in sales in the second quarter and made operational profits again. One retailer initially complained that he still didn’t like the company’s profitability figures. Analyst Henrik Paganetty from Jefferies spoke of solid figures overall, but pointed out that the operating result (EBIT) missed the average market expectation.
Source: Stern
