Stock exchange in Frankfurt - Pre-Christmas calm on the stock market - Dax only slightly moved
After a tough pre-Christmas week, not much happened on the DAX on Friday. The most important German stock market barometer closed up 0.11 percent at 16,706.18 points. Over the week as a whole, the leading index fell by around 0.3 percent. The MDax of medium-sized companies fell by 1.01 percent to 26,943.60 points on Friday.
Many market participants have already closed their books before Christmas. Stock market activity is likely to calm down further towards the end of the year. The Dax has gained 20 percent since the beginning of the year.
Among the individual stocks, sporting goods manufacturers stood out on Friday with significant losses following disappointing news from US competitor Nike. Adidas lost 5.3 percent in the Dax and Puma slipped 7.2 percent in the MDax. Nike had lowered its sales outlook following quarterly figures.
Zalando was the biggest loser in the Dax, down 7.4 percent, ahead of Adidas. Zalando is currently the weakest stock in the Dax, with a loss of almost 36 percent for the year.
The drop in the MDax was even greater for Vitesco shares at 9.2 percent. The automotive and industrial supplier Schaeffler wants to take over the drive specialist. Schaeffler recently increased its offer to 94 euros per Vitesco share. Apparently this was not enough for some investors.
In the second-line index SDax, investors rewarded Klöckner & Co's plans to sell with a premium of five percent. The steel trader wants to divest parts of its distribution business in Europe.
The leading European index EuroStoxx closed down 0.07 percent to 4521.47 points before Christmas. The French Cac 40 and the British FTSE 100 also ended their trading sessions little changed. In London, the market had already closed in the early afternoon. In New York, the Dow Jones Industrial benchmark index and the technology-heavy Nasdaq 100 were moderately higher at the close of European trading.
The euro rose to its highest level since August on Friday. After the close of trading, the common currency was trading slightly below 1.1014 US dollars. The European Central Bank (ECB) had set the reference rate at 1.0983 (Thursday: 1.0983) US dollars in the afternoon, meaning that the dollar cost 0.9104 (0.9104) euros.
On the bond market, the current yield fell from 2.00 percent the previous day to 1.99 percent. The bond index Rex fell by 0.05 percent to 128.68 points. The Bund future was last quoted up 0.05 percent at 137.85 points.
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- Despite the pre-Christmas calm on the DAX, Vitesco Technologies saw a significant decrease of 9.2% in its shares due to some investors' uncertainty about Schaeffler's takeover offer.
- In Frankfurt on the Main, the stock market barometer MDAX, which includes medium-sized companies, experienced a drop of 1.01% on Friday, with Adidas and Puma among the worst performers.
- As the year approaches its end, many investors have already concluded their trading activities before Christmas, leading to a further decrease in stock market activity.
- Among the leading German companies, sporting goods giant Adidas lost 5.3% in the DAX, following disappointing news from US competitor Nike, which lowered its sales outlook.
- Based in Germany, INA Holding Schaeffler, the automotive and industrial supplier, recently increased its offer to acquire Vitesco Technologies to 94 euros per share, but some investors were not satisfied with this price.
- Zalando, a popular e-commerce platform headquartered in Germany, was the biggest loser in the Dax, falling 7.4% ahead of Adidas, and has experienced a significant drop of almost 36% this year.
Source: www.stern.de
