After three strong weeks, the German stock market fell slightly on Monday. On the corporate side, Bayer’s shares are in the spotlight after several negative news reports, with prices plummeting to their lowest level in more than 14 years.
After three strong weeks, the German stock market fell slightly on Monday. On the corporate side, Bayer’s shares are in the spotlight after several negative news reports, with prices plummeting to their lowest level in more than 14 years.
The Dax was 0.11 percent lower at 15,900.96 points in early trading. Since its October low, the leading index has recovered impressively by almost 9 percent, around half of which in the previous week alone.
The MDax of medium-sized companies rose by 0.07 percent to 26,301.30 points on Monday. The Eurozone index EuroStoxx 50 fell by around 0.1 percent.
The Bayer shares collapsed by more than 18 percent to 33.72 euros, their lowest level since March 2009. This makes them the second weakest DAX value this year at minus 30 percent. In addition to a multi-billion dollar legal glyphosate defeat in the USA, investors in the pharmaceutical and agrochemical company also have to digest the surprising termination of a clinical trial with the hopeful Asundexian.
Barclays expert Emily Field promptly canceled her recommendation for Bayer shares and reduced the price target from 65 to 40 euros. After the Asundexian failure, she initially sees immense difficulties for the Leverkusen-based pharmaceutical business. The initial comments from other experts also went in this direction. There was talk of a serious blow because Asundexian was actually supposed to compensate for lost sales at Xeralto and Eylea.
The Aurubis shares lost 2.9 percent as the bottom of the MDax. The investment bank Oddo BHF had previously downgraded the copper producer’s shares from “Outperform” to “Neutral” due to a lack of positive price drivers. Analyst Emna Ben Bdira believes that the current financial year will probably be mixed for the copper smelter. in a study available on Monday.
Source: Stern
