After the rally on Friday, the Dax was stable at the start of the week. Weak industrial production data in March had little impact as output had been expected to fall – albeit not quite as sharply as reported.
In early trading, the leading index remained unchanged at 15,960.93 points after rising by almost one and a half percent on Friday and thus ultimately moderately increased in the past trading week. However, the 16,000 point mark remained a hurdle that could not be overcome in the long term. Thomas Altmann, portfolio manager at QC Partners, does not rule out a record high in the Dax in the foreseeable future, but at the same time points to the relatively pronounced “lack of movement” in the leading index.
The German stock exchange barometer has fluctuated in a range of around 400 points or just over two percent over the past four weeks. The skepticism of investors increases the higher prices rise. “It would now take a whole host of positive news to attract more buyers at the current level,” he stated.
The MDax was almost on the spot on Monday morning with minus 0.12 percent to 27,586.45 points. The leading eurozone index, the EuroStoxx 50, was up 0.04 percent at 4341.96 points.
On the company side, the main focus was on stocks from the MDax and SDax. Munich Re in the Dax was only visually weak at the end of the index, because the reinsurer is traded on this day minus its dividend of EUR 11.60 per share.
The shares of Commerzbank, the favorite in the leading index, rose by 1.3 percent and those of Deutsche Bank gained 0.1 percent. Across Europe, the banking sector was in demand at the start of the week, after the industry had already recovered noticeably on Friday in the USA with the local regional banks.
Rational’s shares in the MDax lost 2.8 percent, putting them at the bottom of the list. Analyst Peter Rothenaicher from Baader Bank had cut his investment rating from “Add” to “Reduce” after the quarterly report from the commercial kitchen supplier. After the strong gains in the share price since September, the share is now highly valued, not least in view of the rise in interest rates, he wrote as a reason.
Hypoport’s shares in the SDax lost 1.9 percent after the publication of the detailed quarterly report by the online broker. The shares of the IT service provider Adesso fell even more sharply with 8.5 percent. On Friday evening, Adesso had announced better quarterly revenues than expected, but at the same time a weaker earnings development than expected.
