After the long Easter weekend, the Dax increased its gains on Tuesday. However, the plus crumbled significantly in the course of trading, because moderate losses are currently expected in the USA after friendly business on Monday.
In the afternoon, the leading German index gained 0.25 percent to 15,637.07 points. It thus remains within striking distance of its January 2022 high, which it reached just under 15,737 points shortly before Easter. The MDax of medium-sized stock market values ??rose by 0.59 percent to 27,359.53 points on Tuesday. Modest gains were also recorded on Europe’s major stock markets.
car industry strong
“For the time being, market participants remain cautiously optimistic,” commented stock market expert Andreas Lipkow. The mood has brightened up a bit, but overall investors continued to be very selective when choosing stocks, and “a very cautious, cautious stance can also be seen with regard to US stocks”, which is also reflected in the high hedging rates of investors come
In the Dax, many stocks from the automotive industry showed strength. Continental, Mercedes-Benz, Volkswagen and its holding company Porsche SE as well as BMW were among the favourites. They rose between 1.0 and 1.5 percent. With a plus of 2.0 percent, the share of the automotive supplier and armaments company Rheinmetall was the top value in the leading index.
Automotive suppliers have recently registered the first increase in orders in eleven months, stated chief strategist Ulrich Stephan from Deutsche Bank. Automakers, meanwhile, benefited from a continued high order backlog and considered curbing output growth to prevent oversupply and margin erosion. In China, the bottom could also be crossed shortly. There, the car manufacturers made an estimated third of their profits in the Dax.
Adtran as MDax tail light
Apart from that, the focus was primarily on individual stocks from the MDax and SDax. First and foremost was the US telecom supplier Adtran. He severely disappointed with his first quarter. According to preliminary figures, both the company’s own targets and the expectations of the analysts, both in terms of sales and profits, were clearly missed. Retailers were particularly negative about the operating margin, an important indicator of profitability.
Adtran’s stocks fell by 17.1 percent as the MDax tail light. In the SDax, in which the 70 smaller companies below the MDax can be found, the shares of the German subsidiary Adva also fell by 2.4 percent.
At the penultimate place in the MDax, Evotec shares fell by 6.3 percent. The pharmaceutical researcher fell victim to a cyber attack before the Easter holidays. Selected systems are now scheduled to remain offline until the investigation is complete and security plans are implemented.
By contrast, Thyssenkrupp’s shares rose to the top of the MDax with a plus of 5.4 percent. They benefited from renewed fantasies about the marine division of the industrial group. A dealer evaluated media reports about an imminent decision about their future as positive. The bidding process for the division could begin as early as this week.
Hellofresh wins
Hellofresh gained 4.2 percent after US bank JPMorgan upgraded the food supplier’s stock by two notches from underweight to overweight. Analyst Marcus Diebel sees the price target at 27 euros, after 18 euros previously. The prospects of price losses have now clearly disappeared, he wrote. The focus on ready-to-eat dishes is also promising.
The euro traded at $1.0912 in the afternoon, significantly higher than the previous evening. The European Central Bank last set the reference rate at $1.0915 on Thursday. On the bond market, the current yield rose from 2.14 percent on Thursday to 2.26 percent. The Rex pension index fell by 0.68 percent to 126.18 points. The Bund future fell by 0.66 percent to 136.37 points.
