In the height of the quarterly reporting season, investors in the German stock market have acted cautiously. the Dax was in a narrow range on Thursday, closing 0.3% higher at 15,745 points. Investors were eagerly awaiting the release of the official US labor market report on Friday. The stock market was determined by many turnovers. Six of the 30 Dax companies reported on their development.
Here, Siemens shares benefited from strong numbers and an improving outlook for the tech group’s year. They increased 2.6 percent. Merck stocks, which rose 6.8% to a record high, were the favorites of the main German index. After a jump in profits, the pharmaceutical company is also more optimistic about the future. The laboratory division in particular flourished during the pandemic as it supplied many researchers with vaccines. In contrast, shares of Adidas were among the biggest losers at a 6% haircut, although the sporting goods company presented strong numbers and raised its outlook. Given the weakening of business in China, many investors took profits as a precaution after stocks recently rose significantly.
The worst in the DAX was Bayer stock, which slipped 7.6%. While the pharmaceutical division has recovered well, analysts said earnings from the agrochemicals business were disappointing. Bayer also announced the acquisition for 1.3 billion euros of the American biotechnology company Vividion. The end result was a loss of 2.3 billion euros due to the renewal of provisions for contingent charges in the US legal dispute over the alleged cancer risks of weedkillers containing glyphosate.
In M-Dax, Aurubis shares fell nearly twelve percent. The copper smelter had doubled its quarterly profit. Some would have hoped for an increase in confirmed full-year targets, a stockbroker said. These are cautious against the background of the uncertain outlook for the Stolberg power plant, which has been affected by the flooding.
Wall Street stock markets posted small gains. the Dow jones listed 0.6 percent higher at mid-market.