Stock exchange in Frankfurt - Dax rises again after ECB disappointment
The Dax posted gains again at the "big expiry date" on Friday. Following the previous day's setback from its record high, the leading German index bucked the latest disappointment from the European Central Bank (ECB). At the end of the day, the stock market barometer was up 0.58 percent at 16,850.05 points. The DAX thus returned to the all-time record of 17,003 points set the day before.
Fueled by signals from the US Federal Reserve to cut interest rates, the German benchmark index had jumped above the 17,000-point mark for the first time in its history in the first few minutes of trading the previous day. Shortly afterwards, the record chase ran out of steam because, unlike their US counterparts, the ECB's monetary watchdogs dampened hopes of lower interest rates in the near future.
The MDax mid-cap index rose by 0.48% to 27,327.53 points on Friday. The leading eurozone index EuroStoxx 50 rose by around 0.7 percent.
On the corporate side, Symrise spooked investors. The manufacturer of fragrances and flavors is suffering from its customers' destocking and is feeling the effects of lower raw material prices. The shares brought up the rear in the Dax, falling by 8.8 percent. The share price of reinsurer Munich Re recently rose by a good one percent following the presentation of business targets for 2024. Zalando shares led the way in the DAX with a 4.3 percent gain.
Car stocks were also at the top of the share price table. BMW and Mercedes-Benz each gained more than two percent, with Daimler Truck and Volkswagen following just behind. The gains are in line with the latest trend in the sector, which has been on the road to recovery since the end of October.
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Source: www.stern.de
