With a clear leap over the 13,000 point mark, the Dax said goodbye to the weekend on Friday. Market participants were pleased with economic data from China, where inflationary pressures had surprisingly eased in August. The decisive action taken by the European Central Bank (ECB) to combat high inflation also continued to have a positive effect.
At the close of trading, the leading German index gained 1.43 percent to 13,088.21 points. Starting from its previous day’s low of less than 12,700 points, the Dax caught up around 400 points, so that it still managed an increase of 0.3 percent on a weekly basis. The MDax of medium-sized stocks rose by 2.29 percent to 25,700.94 points on the last trading day of the week.
In the Dax, the shares in the hospital and healthcare group Fresenius, which were in demand from the start, gained 3.9 percent on Friday. Analyst Justin Smith from the French bank Societe Generale (SocGen) considers the papers to be undervalued, and the business prospects of the subsidiary Kabi, for example, have not been adequately taken into account. The expert underpinned his buy recommendation with a target price of EUR 92, more than three and a half times the current share price.
With similar growth, Deutsche Telekom benefited from good news from its subsidiary T-Mobile US, which announced a share buyback program of up to around USD 14 billion.
Bank stocks rose again in an environment of rising interest rates. Deutsche Bank was up 3.3 percent, and the Commerzbank shares did even better in the MDax with growth of almost four percent.
The falling gas price provided tailwind for the shares of the Uniper Group, which was hit by the energy crisis. They continued their recovery from the record low hit on Wednesday, up 12.3 percent.
The papers of the electronics retailer Ceconomy were unchallenged in the top spot in the small-caps index SDax, which continued the recovery rally that had started the day before with an increase of more than 17 percent – however, this was preceded by an almost continuous downward slide since the end of 2021 and a record low in the middle of the week.
The leading eurozone index, the EuroStoxx 50, went into the weekend recovered, up 1.64 percent to 3570.04 points. There were also significant price gains on the leading stock exchanges in Paris and London. In New York, the Dow Jones Industrial was up one percent at the European close.
After the Xetra close, the euro traded slightly above parity at 1.0045 US dollars. The ECB had set the reference rate at 1.0049 (Thursday: 1.0009) dollars in the afternoon, with the dollar costing 0.9951 (0.9991) euros. On the bond market, the current yield rose significantly from 1.46 percent on the previous day to 1.61 percent. The Rex pension index fell by 0.83 percent to 130.71 points. The Bund future gained 0.41 percent to 143.75 points
