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Frankfurt Stock Exchange: Buying mood continues – Dax with 4th record in a row

Frankfurt Stock Exchange: Buying mood continues – Dax with 4th record in a row

The hunt for records on the German stock market did not stop on Tuesday either. After a slow start, the Dax reached another high in the afternoon and passed the round mark of 17,500 points for the first time. It was the fourth trading day in a row with a record high. At the close of trading, the leading index gained 0.76 percent to 17,556.49 points. The MDax of medium-sized stock exchange stocks rose by 0.69 percent to 25,964.82 points.

The hunt for records on the German stock market did not stop on Tuesday either. After a slow start, the Dax reached another high in the afternoon and passed the round mark of 17,500 points for the first time. It was the fourth trading day in a row with a record high. At the close of trading, the leading index gained 0.76 percent to 17,556.49 points. The MDax of medium-sized stock exchange stocks rose by 0.69 percent to 25,964.82 points.

Things also went mostly up on Europe’s most important stock exchanges on Tuesday. The EuroStoxx 50, the leading index for the euro zone, rose by 0.4 percent. Paris’ Cac 40 gained 0.2 percent while London’s FTSE 100 was flat. On Wall Street, the Dow Jones Industrial recently fell by around 0.2 percent.

“Many stock markets have reached new highs. Why not? Interest rates are unlikely to rise any further and a recession is not expected, especially not in the USA,” wrote market expert Chris Iggo from Axa Investment Managers. New technologies are a driving force for companies’ profits. These would result in higher productivity, not least artificial intelligence (AI).

The topic of AI could also have played a role in the share price gains of SAP and Siemens. Both DAX heavyweights reached highs and ended up around 1.0 percent each. For SAP it was the third record high in a row. Here, the JPMorgan bank identified an upside potential of almost 20 percent with a price target of 205 euros.

Munich Re closed little changed after presenting annual figures. The shares of the world’s largest reinsurer had recently rushed from one high to the next after rising above 400 euros. The Munich-based company wants to pay its shareholders a significantly higher dividend and buy back its own shares again.

After a rollercoaster ride, Puma shares closed at the bottom of the MDax with a loss of 4.1 percent. The sporting goods manufacturer warned of a weak first half of the year in a challenging market.

Dürr shares rose by 2.5 percent. The plant manufacturer for the automotive industry largely met market expectations with its results for 2023. The shares of semiconductor equipment manufacturer PVA Tepla gained 4.1 percent, driven by an optimistic sales target for 2028.

The shares of Aixtron were among the weakest values ​​in the MDax with a discount of 1.6 percent. The cancellation of a buy recommendation by the Japanese bank Nomura had a negative impact here.

Investors took price gains on Rheinmetall shares, with the final loss amounting to 1.7 percent. The arms company’s shares had already risen by around 46 percent this year, fueled by the prospect of sharply increasing government defense spending.

The euro barely moved on the foreign exchange market and last cost 1.0851 US dollars. The European Central Bank (ECB) set the reference rate at $1.0856 in the afternoon.

Prices fell on the bond market. The Rex bond index fell by 0.28 percent to 125.02 points. The current yield rose to 2.46 percent from 2.42 percent on Monday. The Bund future fell by 0.12 percent to 132.28 points.

Source: Stern

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