A series of predominantly well-received quarterly financial statements from first and second tier companies gave the German stock market a boost on Wednesday. The DAX stock market barometer rose by 0.51 percent to 15,229.60 points. In the second German stock market league, things looked better like the day before: the MDax of medium-sized stocks rose by 1.13 percent to 25,391.12 points in the middle of the week. It reached its highest level in almost four weeks.
A series of predominantly well-received quarterly financial statements from first and second tier companies gave the German stock market a boost on Wednesday. The DAX stock market barometer rose by 0.51 percent to 15,229.60 points. In the second German stock market league, things looked better like the day before: the MDax of medium-sized stocks rose by 1.13 percent to 25,391.12 points in the middle of the week. It reached its highest level in almost four weeks.
The quarterly figures and outlook of the DAX companies DHL Group, Commerzbank, Siemens Healthineers, Munich Re and Continental were met with goodwill from investors. The price gains ranged from 0.7 percent for Commerzbank to a good 4 percent for Continental. The auto supplier and tire manufacturer made noticeable progress in the problem auto supply division in the third quarter.
DHL Group was in second place in the Dax, gaining almost 3 percent. The logistician became more pessimistic as he looked ahead, but confidence prevailed on the stock market.
On the other hand, the business figures for Bayer and Adidas were less well received, with both stocks falling. Adidas was no longer able to score points with its final quarterly figures, and analysts at Bayer complained that the third quarter was weaker than expected.
Fresenius was one of the biggest winners in the Dax with a premium of a good 2 percent. The driving force was the sale of fertility clinics to a consortium led by the financial investor KKR. Siemens Energy benefited with a plus of 1.3 percent from statements by Chancellor Olaf Scholz (SPD), who had expressed optimism with regard to state guarantees for the energy technology group.
In the second row of the MDax, investors were impressed by the quarterly financial statements of the chemical company Lanxess and the biotech company Evotec. The papers rose by 7 and 6.5 percent respectively. Pessimistic forecasts from the media group RTL pushed its price down by a good 5 percent.
Among the smaller stock market stocks in the SDax, the shares of Deutsche Pfandbriefbank stood out with a drop of almost 11 percent. The real estate financier cut its profit target due to higher risk provisions. For Süss Microtec, on the other hand, sales rose by 20 percent, fueled by the sale of a division.
The European stock exchanges were mostly up, with the Eurozone leading index EuroStoxx 50 rising by 0.60 percent to 4178.49 points. The Paris Cac 40 rose similarly, while the London FTSE 100 closed just in the red. The US leading index Dow Jones Industrial performed well at the European market close.
The euro rose on the foreign exchange market and was last quoted at 1.0712 US dollars. The European Central Bank (ECB) had previously set the reference rate at $1.0671.
The prices of German federal bonds mostly increased. The current yield fell from 2.70 percent the previous day to 2.65 percent, while the Rex bond index rose by 0.29 percent to 124.73 points. The Bund future rose by 0.28 percent to 130.73 points in the evening.
Source: Stern
