Stock exchange in Frankfurt: SAP price gain helps Dax on the jumps – economy
Spurred on by a jump in the share price of the stock market heavyweight SAP, the Dax continued to gain ground on Wednesday. The German benchmark index closed 0.68 percent higher at 15,249.38 points in the middle of the week.
Frankfurt / Main – Spurred on by a jump in the share price of the stock market heavyweight SAP, the Dax continued to gain ground on Wednesday. The German benchmark index closed 0.68 percent higher at 15,249.38 points in the middle of the week. The MDax of the medium-sized stock market values gained 0.39 percent to 33,757.26 points and the major European stock exchanges also gained predominantly.
The increased energy prices, which continue to fuel inflation in Germany, hardly move the German stock market that day. For the first time in almost 28 years, the annual tax rate exceeded the four percent mark in September and inflation continued to rise in the USA.
With a plus of 3.9 percent, the SAP shares were among the favorites in the Dax. The annual targets, which have been raised for the third time this year, provide relief and share purchases. Analysts especially praised the strong development of the cloud business in the surprisingly good third quarter of the European software manufacturer.
According to an analyst recommendation, Sartorius shares continued to recover from their latest setback and were up 4.2 percent to 522.40 euros Dax top value. Analyst Oliver Reinberg from Kepler Cheuvreux signaled further recovery potential for the papers of the laboratory equipment supplier and pharmaceutical supplier with his target price of 555 euros. He expects the impressive growth trend to continue and become very dynamic in 2022.
Bank values, however, fell significantly in the course of the afternoon. The papers of the Deutsche Bank slump with minus 4.3 percent to the bottom of the leading index. In the MDax, Commerzbank shares were at the bottom with minus 5.5 percent. After winning until the early afternoon, things gradually went down. The trigger is likely to have been the quarterly report from JPMorgan. The recovery of the economy from the Corona crisis brought the major US bank a surprising surplus in the summer, but stock marketers were overshadowed by a subdued credit and negative trading income.
Among the secondary stocks, the papers of the biofuel manufacturer Cropenergies moved into focus after the final figures presented for the second fiscal quarter and confirmed annual targets with a price slide of 11.5 percent. According to LBBW analyst Thomas Hofmann, it was primarily the significant increase in energy prices and thus the uncertainties about the predictability of business development that would have frightened.
Looking at the stock exchanges in Europe and the USA, the leading Eurozone index EuroStoxx 50 rose by 0.70 percent to 4083.28 points. The Cac 40 in Paris is similar. In London, however, the FTSE 100 only rose moderately and in the USA the picture was mixed. The Wall Street index Dow Jones Industrial fell 0.5 percent at the close of European trading, while the technology-heavy Nasdaq exchange rose 0.5 percent.
The euro exchange rate recently rose to 1.1568 US dollars. The European Central Bank set the reference rate at 1.1562 (Tuesday: 1.1555) dollars. The dollar cost 0.8649 (0.8654) euros. The current yield on the bond market remained at minus 0.23 percent. The Rex field bond index rose 0.08 percent to 143.82 points. The Bund future gained 0.26 percent to 168.83 points.
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