Stock exchange in Frankfurt - Dax turns negative after narrowly missing record high
The good start to the German stock market year 2024 did not last long on Tuesday. Share prices rose sharply after the start and the leading Dax index missed another record high by just 40 points after one hour of trading. However, investors then lost heart and share prices crumbled again. In the early afternoon, the Dax was down half a percent at 16,663 points.
Last year, the Dax had risen by a good 20 percent and reached a record high of just over 17,000 points in mid-December. Strategist Jürgen Molnar from the broker Robomarkets had already put a question mark behind a continuation of last year's rally in early trading on Tuesday. It remains to be seen whether the gains will last. "Because the big market players usually return to their screens in the second week of January".
The MDax of mid-cap stocks also started the new year with gains, but then also slipped into negative territory, falling 1.2 percent to 26,824 points. Last year, it had clearly lagged behind the Dax with a plus of eight percent.
Rheinmetall was in first place on the Dax with a record high of plus 3.2 percent. The shares of the automotive supplier and armaments manufacturer already led the winners in the Dax last year, driven by the increasing spending on armaments in many places. The bank JPMorgan anticipates rising defense budgets in Europe and the USA.
Sartorius shares were also among the top performers on the DAX, gaining 2 percent. The investment bank JPMorgan added the laboratory equipment manufacturer's shares to its list of recommendations.
In the second row of the MDax, Lufthansa lost 3.4 percent, weighed down by a sell recommendation from the bank Citigroup. Online service providers such as Delivery Hero and Zalando were not in demand, with losses of 3 and 2 percent respectively. The previous year's weakness continued here.
In the SDax, Morphosys continued the highs of recent weeks with a gain of 6 percent. The biopharmaceutical company's shares reached their highest level since the end of 2021.
On the foreign exchange market, the euro came under pressure on Tuesday, falling below the 1.10 US dollar mark and last traded at 1.0956 dollars. The European Central Bank last set the reference rate at 1.1050 dollars on Friday.
Prices fell again on the bond market. The bond index Rex lost 0.37 percent to 126.96 points. The current yield rose from 2.03 percent on Friday to 2.11 percent. The Bund future recently fell by 0.47 percent to 136.53 points.
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Source: www.stern.de
