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Thursday, May 19, 2022

Dax ends week of recovery in positive territory

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Frankfurt am Main (dpa) – The German stock market was buoyed on Friday by cautious hopes for progress in the Ukraine war talks.

The trigger was a report by the Russian Interfax news agency, according to which Russian President Vladimir Putin sees certain “positive developments” in the talks with Ukraine.

The Dax then expanded its gains by leaps and bounds by as much as 3.7 percent. However, at the end of trading, the leading German index fell sharply, closing up just 1.38 percent at 13,628.11 points. This results in a four percent weekly gain for the index. However, since the beginning of the year, the price is still down around 14 percent. The MDax of midsize companies gained 1.68 percent on Friday to 29,960.19 points.

At the European level, things were also looking up. The eurozone’s leading EuroStoxx 50 index gained 0.97 percent to 3,686.78 points. In the US, the Wall Street Dow Jones Industrial Index was up about 0.3 percent at the close of trading in Europe.

Heading into reporting season, things have calmed down remarkably on the German stock market after the latest flurry of figures. In the chemical group Lanxess, investors rewarded the figures and perspectives with a price premium of 4.5 percent. Stocks were the biggest gainers on MDax. Despite high costs, the Cologne-based company met earnings expectations in the market in 2021 and is targeting significant earnings growth in 2022. However, the effects of the Ukraine war are yet to be seen. Keeping in mind.

Airport operator Fraport was able to more than triple the number of passengers in February compared to the same period a year earlier, which was marked by lockdown. Compared to February 2019, i.e. before the outbreak of the corona pandemic, the figures have more than halved. Shares rose 2.5 percent on MDax.

In the case of biotech company Morphosys, which is listed on the SDax small-cap index, investors were pleased by a 3.1 percent price increase. Morphosys is reorganizing research at its US subsidiary Constellation Pharmaceuticals and thus writing off almost a quarter of a billion euros. The day before, the depreciation had weighed on the share price.

Some stocks in the alternative energy sector, such as Siemens Gamesa’s parent company Siemens Energy and solar group SMA Solar, also maintained demand, gaining 4.3 and 6.1 percent, respectively. The energy shift, which is being indirectly driven by the fallout from the war in Ukraine, remains a topic of discussion in the market. The European Union wants to reduce dependence on Russian oil and gas.

The euro last cost 1.0943 US dollars. The European Central Bank (ECB) had set the benchmark rate at $1.0990 in the afternoon. In the bond market, the current yield rose from 0.02 percent a day earlier to 0.12 percent. The Rex pension index fell 0.53 percent to 141.04 points. The Bund future lost 0.14 percent to 162.66 points.

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