Positively received quarterly reports from major US banks gave fresh impetus to the German stock market on Friday. In the afternoon, the Dax again exceeded the 15,800 point mark, which it had already briefly overcome in the morning given the clear gains on the US stock exchanges the previous day.
In the afternoon, the leading index rose by 0.52 percent to 15,811.67 points, making it the fifth trading day in a row. For the shortened trading week after Easter, its plus amounts to 1.4 percent. The MDax of medium-sized stocks rose by 1.02 percent to 27,842.00 points.
According to the figures from JPMorgan, Citigroup and Wells Fargo, the shares of Deutsche Bank and Commerzbank were among the favorites in the Dax with plus 4.4 percent and plus 3.5 percent. The major US bank JPMorgan raised its profit target for 2023 and Citigroup also surprised with a strong jump in profits in the first quarter. Wells Fargo had to write off less than feared in the past first quarter.
With a plus of 4.3 percent, Vonovia’s shares were also in particularly high demand, and real estate stocks were also among the favorites in the MDax and SDax. Aroundtown gained 7.1 percent and LEG was up 3.7 percent and TAG Immobilien was up 5.0 percent. The index of smaller stocks for Grand City Properties went up 5.7 percent.
Hensoldt reached a record high of EUR 36.70 in the MDax. Shares like Hensoldt and Rheinmetall have long been driven by the prospect of participation in armaments projects as defense spending increases.
At times, the euro climbed to 1.1076 US dollars, its highest level in around a year. In the afternoon it cost $1.1025. The European Central Bank last set the reference rate at $1.1015 on Thursday. The current yield on the bond market remained at 2.41 percent. The Rex bond index was unchanged at 125.81 points. The trend-setting futures contract Euro-Bund-Future fell in the afternoon by 0.21 percent to 134.60 points.
