Frankfurt Stock Exchange
Recovered Dax just under 14,000 points
The Dax is the most important stock index in Germany. Photo: Fredrik von Erichsen/dpa
© dpa-infocom GmbH
The tentative recovery of the previous day continued on the German stock market on Thursday.
The tentative recovery of the previous day continued on the German stock market on Thursday.
After weak US economic data – the world’s largest economy shrank surprisingly in the first quarter – the Dax temporarily gave up most of its daily gains. However, it ended the trade forgivingly with a plus of 1.35 percent to 13,979.84 points.
“The shock on Tuesday after the announcement that Russia, Poland and Bulgaria, is turning off the gas tap seems to have been digested for the time being,” wrote market strategist Jürgen Molnar from Robomarkets. The same applies to the “sell-off-plagued US technology stocks”, which had stabilized on the Nasdaq the day before and are now recovering.
The MDax of medium-sized stocks ended the day up 0.88 percent to 30,077.24 points, and profits were mainly posted throughout Europe.
The Eurozone leading index EuroStoxx 50 rose by 1.13 percent to 3777.02 points. There were also significant gains in Paris and London. In the US, the Dow Jones Industrial rose 0.4 percent in the early evening, and the Nasdaq 100 index index advanced 1.0 percent.
The very high inflation in Germany hardly weighed on share prices. The European Central Bank (ECB) has been under significant pressure for some time to follow the US Federal Reserve’s lead in raising interest rates. This, together with fears of a recession, had recently weighed on the stock markets.
The biggest winners in the Dax were the shares of the food supplier Delivery Hero, which had presented quarterly figures in the morning. After a high at the start of trading, the papers, which had been extremely hard hit since November, collapsed again and fell to their lowest level since 2017, before ultimately rising by almost six percent. In the first quarter of 2022, Delivery Hero was able to significantly increase the gross goods value and sales, but the Management Board expects a loss in the operating business this year as well. According to a dealer, the delivery service apparently no longer wants to publish order numbers, which was not well received on the market.
The shares of Hellofresh, after Delivery Hero also one of the biggest price losers this stock market year, increased by almost five percent. The quarterly report from the mail-order company provided some relief among investors.
Linde gained 0.7 percent after the quarterly figures presented and the increased annual profit target and positive expert comments. Above all, the high quality and the strong operational business of the industrial gases manufacturer and plant constructor were praised. In addition, Linde is already excellently positioned in the future market of hydrogen and is increasingly investing in green hydrogen activities.
In the MDax and SDax, there was light and shadow among the individual stocks on the occasion of numerous quarterly reports. The papers of Kion, Wacker Chemie and Fielmann lost between 2.5 percent and almost 7 percent.
The shares of the construction software developer Nemetschek increased by 7.3 percent after surprisingly strong quarterly figures. LPKF’s shares in the SDax jumped by almost ten percent. After a difficult year in 2021, the laser specialist is back on a growth course.
The euro, which had temporarily fallen below US$1.05, was trading at US$1.0505 in the early evening. The ECB set the reference rate at 1.0485 (Wednesday: 1.0583) dollars. The dollar thus cost 0.9537 (0.9449) euros.
Prices on the bond market fell slightly. The Rex bond index fell by 0.08 percent to 136.74 points, while the opposite current yield rose slightly from 0.69 percent the previous day to 0.70 percent. The Bund future fell sharply by 0.68 percent to 154.20 points.