Stock exchange in Frankfurt - Dax gains slightly
After the previous day's losses, the German stock market initially made some gains on Tuesday. The Dax rose by 0.38% to 16,713.71 points in early trading. The MDax of medium-sized companies gained 0.59 percent to 27,063.91 points. The EuroStoxx 50, the leading eurozone index, rose by around 0.2 percent.
Some investors are still hoping for a small Christmas rally, even though the Dax may have already fulfilled most of their wishes with its record-breaking run in the first half of December. It had driven the leading index up by a good 16% from its October low to 17,003 points by last Thursday.
Among the individual stocks, investors focused on Covestro shares, which gained 2.2 percent. According to sources, the state-owned oil company Abu Dhabi National Oil (Adnoc) wants to improve its informal bid for the chemicals group. Speculation remains at 60 euros per share.
Meanwhile, Bayer suffered a defeat in the USA in the legal dispute over the alleged health effects of the chemical PCB, which has been banned for decades. A jury awarded former students and parents of a school in the Seattle area damages of 857 million US dollars (785 million euros). The plaintiffs blame the environmental toxin PCB from the US manufacturer Monsanto, which was acquired by Bayer in 2018, for their illnesses. The DAX-listed company announced in a statement that it would take legal action against the verdict. Investors on the stock market took the jury's verdict in their stride: The recently badly battered shares traded slightly higher.
Lufthansa will also have to reduce its original flight schedule in the coming year. In an interview, Group CEO Carsten Spohr cited bottlenecks in personnel and available aircraft as the reason. Lufthansa shares fell by 0.3 percent.
As announced, Siemens is further reducing its stake in Siemens Energy. As a result, the stake in Siemens Energy AG fell to 17.1 percent. Siemens shares rose by 1.9 percent and those of Siemens Energy by 0.9 percent. In the second-line index SDax, shares in Thyssenkrupp Nucera rose by eleven percent.
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- The DAX, Germany's leading stock index, is traded on the Frankfurt Stock Exchange, along with the MDAX and Euro Stoxx 50.
- Despite the slight gains in the Dax and MDax, some investors are unsure if a small Christmas rally will occur, given the index's record-breaking run in the first half of December.
- Investors showing interest in Covestro shares, a German chemical company, as Abu Dhabi National Oil (Adnoc) might potentially improve its informal bid at 60 euros per share.
- The Frankfurt Stock Exchange also hosts trading for Siemens shares, which saw a rise due to Siemens' reduction of its stake in Siemens Energy AG.
Source: www.stern.de
