Under the influence of many quarterly reports, the German stock market recorded moderate gains on Thursday. After a weak start, the Dax worked its way up and was up 0.28 percent in the afternoon at 15,840.69 points. The US stock exchanges are expected to make gains. Economic growth in the United States, which was significantly weaker than expected in the first quarter, did not initially slow down the market.
In the Dax, the test of the support zone at 15,700 points, the level of the old annual highs from February and March, has so far been textbook, according to analyst Konstantin Oldenburger from broker CMC Markets.
The MDax of the medium-sized stock exchange stocks recently increased by 0.65 percent to 27,644.09 points. The Eurozone leading index EuroStoxx 50 gained 0.4 percent.
Quarterly figures are the focus in Frankfurt. In the Dax, the supplier RWE convinced the investors, the price increase amounted to 2.4 percent. Deutsche Bank shares initially found no clear direction, but then went up 2.9 percent in the afternoon. The institute had started the year with a profit in the billions and thus better than expected.
At Deutsche Börse, a multi-billion takeover bid for the Danish data provider Simcorp overshadowed the stock exchange operator’s strong start to the year. Shares fell 6.6 percent.
In the MDax, Puma SE shares continued their weak trend with minus 5.7 percent. A downgrade by major French bank Societe Generale added downward pressure. For Aixtron it went down by seven percent. The rapidly growing need for more efficient electronic chips continued to drive demand, but the lack of export licenses weighed on the profit of the special machine manufacturer at the beginning of the year.
However, after a few days of lull, Nemetschek’s quarterly results gave the construction software specialist’s shares a boost, rising by more than seven percent.
In the SDax of the smaller stocks, the shareholders of Heidelberger Druck were pleased with price gains of 10.8 percent. The printing press manufacturer grew even more strongly in the past 2022/23 financial year than most recently expected. However, according to quarterly figures, the shares of DWS slipped by 2.8 percent. The Deutsche Bank fund subsidiary impressed with the inflow of funds, but earnings and profit were disappointing.
The euro retreated from its one-year high marked the previous day. In the afternoon, the common currency was trading at $1.1009. On Wednesday, the price had climbed to $1.1095, its highest level since late March 2022. The European Central Bank (ECB) last set the reference rate at $1.1039 on Wednesday afternoon.
On the bond market, the current yield rose from 2.35 percent on the previous day to 2.45 percent. The Rex pension index fell by 0.40 percent to 125.47 points. The Bund future lost 0.25 percent to 134.34 points.