Dax remains sluggish close to the record

Stock exchange in Frankfurt - Dax remains sluggish close to the record

The DAX rose slightly further on Wednesday. However, there was no major momentum. The leading German index climbed by 0.08% to 16,758.55 points in the morning, moving a little closer to its record high of the previous week.

Last week, the Dax had shot up to a peak of 17,003 points, driven by the Fed' s hoped-for interest rate cut signals for 2024. However, their European colleagues from the ECB had subsequently remained much more defensive, slowing down the rally. It was not until Tuesday that the most important German stock market barometer was able to rise again after five trading days of moderate losses.

While some investors are now still hoping for a small Christmas rally, the air seems to be getting thinner. "It seems that the Dax has exhausted its short-term upward potential for the time being," wrote Martin Utschneider from Finanzethos.

DHL Group shares brought up the rear in the Dax with a drop of 1.7 percent. Disappointing business figures from US competitor Fedex depressed sentiment in the sector. Deutsche Bank shares were the frontrunners in the Dax. They rose by 2.4 percent.

The MDax was also almost unchanged on Wednesday at 27,159.94 points, as was the Eurozone's leading index, the EuroStoxx 50, which last stood at 4536.81 points. In terms of individual stocks, the shares of biofuel producer Cropenergies stood out with an increase of a good two thirds to 11.42 euros. Südzucker wants to take over its subsidiary completely and then delist it from the stock exchange. To this end, the food group announced a takeover bid, which is likely to be EUR 11.50 in cash per share.

United Internet caught the eye with a share price gain of 7.4 percent. The internet group expects a further increase in sales and profits for the coming year. The share price of its subsidiary 1&1 rose similarly sharply. The telecommunications provider expects growth again in 2024 after an anticipated decline in profits in the current year.

Aurubis shares struggled after the presentation of business figures. One trader assessed the outlook for the new 2023/24 financial year as cautious. Uncertainty about the future of the copper group's Executive Board could stand in the way of a more significant share price recovery in the short term, explained analyst Christian Obst from Baader Bank. Following a number of problems, the Supervisory Board intends to make a decision on the composition of the Executive Board at the beginning of the new year.

ProSiebenSat.1 also attracted attention. The media group's business outlook for 2024 was not well received, with shares falling by almost six percent. Analysts from Goldman Sachs took issue with the forecast for the operating result, which was below expectations.