Dax rally continues, but momentum is waning | Free Press

Frankfurt / Main (dpa) – The uptrend of the Dax continues, albeit at a slower pace. The German benchmark hovered around the 13,200 point mark on Wednesday and eventually gained 0.40 percent to 13,216.18 points.

For the MDax of the 60 publicly traded midsize companies, meanwhile, it was a significant 1.52 percent at 28,408.82 points.

The leading euro zone index, EuroStoxx 50, advanced 0.72 percent to 3,467.30 points. In Paris, and especially in London, things also improved. At the end of European trading, the leading US Dow Jones Industrial Index was up about 0.3 percent.

“The big euphoria on the floor is over for now,” but the good mood in the stock market since the beginning of the week remains, said portfolio manager Thomas Altmann of QC Partners. On Monday, the Dax was buoyed by hopes for a corona shot and Joe Biden’s finally established victory in the US presidential election by more than 800 points to nearly 13,300 points.

Midweek, statements made at the European Central Bank (ECB) conference should also have helped the course. The president of the ECB, Christine Lagarde, emphasized, among other things, that the central bank will continue to support the economy in the second wave of pandemics. The central bank must “fill the gap” until Covid 19 vaccines are well advanced.

On the business side, an avalanche of business figures dominated the market. At energy company Eon, according to a trader, strong figures for the first nine months of the year resulted in a price increase of more than one percent. Competitor RWE’s papers, which will release figures this Thursday, even gained 4.7 percent as one of Dax’s favorites.

By contrast, shares in auto supplier and tire maker Continental fell 0.8 percent after detailed quarterly figures and statements about higher special charges. At SDax’s ailing competitor Leoni, which contains the smaller German securities firms, investors had to cope with a 1.3 percent price drop.

At the top of the MDax, Bechtle’s stock attracted the most attention with a jump of more than twelve and a half percent. After a strong third quarter, the IT service provider raised its pre-tax earnings forecast more significantly than expected in the market. Online marketplace operator Scout24 benefited from strong real estate deals during the Corona crisis, which gave shares a plus of more than one percent.

SDax-listed printing machine maker Koenig & Bauer, whose shares ultimately lost 0.3 percent, was also in the spotlight. Corestate’s papers, on the other hand, were up nearly six and a half percent. The real estate company reported a drop in business in the first nine months of the year, but expects a significant increase in sales from next year.

Nordex stocks continued their November rally after a major new order for the boosted wind turbine maker. They are up more than eleven percent and have gained 40 percent since the beginning of the month.

The euro fell sharply and last traded at $ 1.1768. By early morning, the euro had risen to a daily high of $ 1.1833. The European Central Bank (ECB) set the benchmark rate at 1.1766 (Tuesday: 1.1808) US dollars. The dollar cost 0.8499 (0.8469) euros. The current yield rose from minus 0.51 percent the day before to minus 0.50 percent. The Rex bond index fell 0.1 percent to 145.60 points. The future of the Bund gained 0.11 percent to 174.31 points.