Frankfurt / Main (dpa) – Investors in the German stock market remained bullish on Wednesday. The Dax tested the 13,200 point mark in the morning, and in the afternoon the German benchmark was up 0.54 percent to 13,234.63 points.
The statements made at the European Central Bank (ECB) conference are likely to have had a supporting effect. ECB President Christine Lagarde emphasized, among other things, that the central bank would also support the second wave of viruses. The central bank must “fill the gap” until Covid 19 vaccines are well advanced.
The MDax of the 60 median values gained 1.62 percent to 28,437.61 points in the afternoon. The leading euro zone index, EuroStoxx 50, advanced 0.66 percent.
On Monday, the German stock market barometer, fueled by hopes for vaccines and Joe Biden’s victory in the US presidential election, rose more than 800 points to nearly 13,300 points. At this level, moderate gains were made, but the Dax is cautiously approaching this level again.
Looking at individual stocks in this country, the reporting season remained in focus: Power company Eon presented “strong numbers” from the Dax, as one trader put it. The people of Essen are headed for the Corona crisis and confirmed their short and medium term profit targets. Markets recovered faster than expected, management announced. The shares benefited from these statements with a plus of 1.4 percent. Competitor RWE’s newspapers, which will release figures this Thursday, even gained 4.6 percent and were favorites in the leading index.
Meanwhile, Continental’s shares fell after detailed figures for the last quarter and statements about higher special charges. At less than 1.2 percent, the auto supplier papers widened the previous day’s losses. Leoni, the struggling car supplier, which was undergoing a refurbishment, also suffered from the Corona crisis in the third quarter. At the same time, however, he spoke of a slight recovery even though the numbers remained in the red. These shares lost 1.0 percent on the SDax.
On the MDax, Bechtle’s stock attracted the most attention with a jump of nearly 13 percent. After a strong third quarter, the IT service provider significantly raised its pre-tax earnings forecast.
The euro fell sharply and was trading at $ 1.1761 in the early afternoon. By early morning, the euro had risen to a daily high of $ 1.1833. The ECB last set the benchmark rate on Tuesday at $ 1.1808, and 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 0.14 percent to 174.37 points.