Stock exchange in Frankfurt - Dax just misses record high at the start of the year
The stock market year 2024 got off to a successful start in Germany on Tuesday. The leading index Dax, which had risen by a good 20 percent last year and reached a record high, rose on the first day of trading in 2024. Around midday, the stock market barometer rose by 0.5 percent to 16,831 points. At the day's high, the DAX was only 40 points short of another record high. This dates back to mid-December at just over 17,000 points.
"On the first trading day of the new stock market year, things will initially continue as the old one ended," wrote strategist Jürgen Molnar from broker Robomarkets. However, 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".
After initial gains, the MDax fell by 0.2 percent to 27,080 points on Tuesday. Last year, the index of medium-sized stocks had lagged well behind the Dax with a plus of eight percent.
Rheinmetall was in first place in the Dax with a record high of plus 4.3 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.
In the second tier of the MDax, Lufthansa lost 2 percent, weighed down by a sell recommendation from the Citigroup bank. Online service providers such as Delivery Hero and Zalando were not in demand, with losses of 2.5 and 1.7 percent respectively.
Meanwhile, in the SDax, Morphosys continued the highs of recent weeks with a gain of 8 percent. The biopharmaceutical company's shares reached their highest level since the end of 2021.
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The Dax, which had reached a record high in Frankfurt on the main, came close to surpassing this mark once again at the start of the new stock market year. Germany's leading stock market index, the Dax, is traded on the Frankfurt Stock Exchange, also known as 'frankfurt on the main'. Despite the initial gains, the MDAX, which is an index for medium-sized companies, saw a slight decrease. The DAX's record high was just short of 17,000 points, a level it reached in mid-December 2023 in Frankfurt, Germany's financial hub.
Source: www.stern.de
