Stock exchange in Frankfurt - Dax rises moderately - record high in sight
The DAX shook off its initial lethargy a little on Tuesday. The record high came a little closer. The headwind from the Asian stock markets eased and the year-end rally continued for the time being. The leading German index recently gained 0.28% to 16,450.73 points around midday on Tuesday. It is not far off its best mark from the end of July at around 16,529 points.
"Investors continue to believe that the rally will continue and are staying in the market," wrote Jürgen Molnar, capital market strategist at broker RoboMarkets. "This means that the correction that many others are hoping for in order to enter the market is still a long way off."
The MDax of medium-sized companies rose by 0.29 percent to 26,446.56 points around midday. The eurozone index EuroStoxx 50 also resumed its rally with a gain of 0.3 percent.
The chemicals trader Brenntag intends to press ahead with the demerger of its two divisions. The Essentials and Specialties divisions are to be established as two independent divisions. Brenntag has also set itself new financial targets for 2027 and its shares, which had performed strongly until the end of November, fell by 1.2 per cent.
Vonovia gained around two and a half percent in the real estate sector, which is in demand throughout Europe. The Group intends to sell further properties and is also focusing on commercial properties. The sector had suffered particularly from the central banks' cycle of interest rate hikes to combat inflation. However, analyst Jonathan Kownator from Goldman Sachs wrote that the outlook for interest rates has since improved.
Carl Zeiss Meditec lost almost three and a half percent. The US bank JPMorgan gave the medical technology group's shares an "underweight" rating.
Morphosys gained seven percent. For the US bank JPMorgan, the shares of the drug researcher are among the favorites among the smaller stocks in 2024.
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The Eurostoxx 50, which represents the blue-chip stocks of the eurozone, joined in the rally with a gain of 0.3%. The MDAX and SDAX, which are German indicies for medium-sized and small companies respectively, also saw gains. These indices all trade on the Frankfurt Stock Exchange, one of the largest exchanges in Europe and Germany.
Despite some individual stocks experiencing losses, such as Brenntag and Carl Zeiss Meditec, the overall trend in the German market, as reflected by the DAX, remains positive. This continuation of the year-end rally has led some investors to believe that the correction they've been waiting for may be further off than they had hoped.
Frankfurt's stock exchange, home to the DAX, MDAX, SDAX, and Eurostoxx 50, among other indices, has been a significant player in the global financial market. Its performance often serves as a barometer for the health of the German and European economies.
Source: www.stern.de
