The DAX was stable on the first trading day of the new year. The significant initial gains on Tuesday, which at times brought the leading index close to its record high, crumbled again over the course of the year. Ultimately, however, there was an increase of 0.11 percent to 16,769.36 points. The MDax of medium-sized stocks lost 1.10 percent to 26,838.34 points.
With an increase of 4.3 percent, Rheinmetall’s shares were in first place in the DAX, continuing their strong run over the past two years. In the process, they had exceeded the 300 euro mark for the first time in the company’s history. Positive analyst comments from JPMorgan and Bank of America supported. Hensoldt’s shares were also affected by the positive mood in the MDax, increasing by 2.4 percent.
Against the background of increasing defense spending, the share price of the automotive supplier and arms manufacturer Rheinmetall doubled in 2022. In 2023, the paper rose by a further 54 percent, more significantly than for any other DAX member.
In second place in the index, Sartorius’ assets increased by 3.6 percent. Here too, one analyst comment was particularly moving. Ahead of the quarterly figures expected at the end of January, JPMorgan’s Richard Vosser updated his estimates. A strong outlook for 2024 and positive new medium-term goals should be the price driver, he wrote.
Lufthansa shares lost 3.3 percent in the MDax – also driven by studies. The US bank Citigroup downgraded the airline’s shares from “Neutral” to “Sell” and lowered the price target from 7.90 to 6.60 euros.
In the SDax, Morphosys shares continued their soaring of the past few weeks with an increase of 2.9 percent. At just under 37 euros, the shares of the biopharmaceutical company temporarily reached their highest level since the end of 2021.
Europe’s largest stock exchanges mostly posted slight losses. The leading index of the euro zone, the EuroStoxx 50, closed with minus 0.20 percent at 4,512.81 points and the national stock exchanges in Paris and London also fell moderately. In the USA, the Dow Jones Industrial rose slightly at the close of trading in Europe, but the technology-heavy Nasdaq indices were weak.
The euro exchange rate came under pressure on the foreign exchange market. The common currency was trading at $1.0950 in the early evening. The European Central Bank set the reference rate at 1.0956 (Friday: 1.1050) dollars. The dollar therefore cost 0.9127 (0.9049) euros.
Prices on the bond market fell again. The Rex bond index lost 0.37 percent to 126.96 points. The current yield rose from 2.03 percent on Friday to 2.11 percent. The Bund future recently fell by 0.32 percent to 136.73 points.
