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German Stocks Rally for Third Day, DAX Poised for Longest Winning Streak This Year

Strategic Insights

— 1 min read

The German DAX Index advanced 1 percent to 5,709.66 in Frankfurt, reaching its highest level in almost two weeks, as banking shares and utilities rallied. E.ON AG and RWE AG, the country's biggest utilities, climbed, while Deutsche Bank AG and Commerzbank AG, the country's biggest banks, advanced at least 1.7 percent. The broader HDAX Index gained 1.1 percent. Credit Suisse Group AG strategists predict German stocks may rally 13 percent by the end of 2010 as the global economic recovery will boost the country's exports.

Key Takeaways:

  • German stocks have advanced for a third consecutive day, with the DAX Index poised for its longest winning streak this year.
  • E.ON AG and RWE AG, Germany's biggest utilities, climbed, with E.ON AG increasing 1.1 percent to 27.12 euros and RWE AG rising 1.2 percent to 65.75 euros.
  • Deutsche Bank AG and Commerzbank AG, the country's biggest banks, advanced at least 1.7 percent, with Deutsche Bank AG gaining 2.2 percent to 46.65 euros and Commerzbank AG surging 1.7 percent to 5.92 euros.
  • Steelmakers ThyssenKrupp AG and Salzgitter AG followed metal prices higher, with ThyssenKrupp gaining 1.8 percent to 23.79 euros and Salzgitter rising 1.3 percent to 66.34 euros.
  • Deutsche Post AG gained 2.6 percent to 13.15 euros, the biggest gain since Jan. 4, while Infineon Technologies AG, Europe's second-largest chipmaker, added 3.2 percent to 4.34 euros, the highest close since September 2008.
  • The DAX measure slid 5.9 percent in January, the first monthly drop since October, amid concern governments and central banks will withdraw stimulus measures and Greek bonds tumbled on speculation Greece will struggle to tame its deficit.

Statistics:

  • The DAX Index rose 1 percent to 5,709.66, its highest level in almost two weeks.
  • E.ON AG increased 1.1 percent to 27.12 euros.
  • RWE AG rose 1.2 percent to 65.75 euros.
  • Deutsche Bank AG gained 2.2 percent to 46.65 euros.
  • Commerzbank AG surged 1.7 percent to 5.92 euros.
  • ThyssenKrupp AG gained 1.8 percent to 23.79 euros.
  • Salzgitter AG rose 1.3 percent to 66.34 euros.
  • Deutsche Post AG gained 2.6 percent to 13.15 euros.
  • Infineon Technologies AG added 3.2 percent to 4.34 euros.

Sources:

  • Euclid Infotech Pvt. Ltd.
  • Syndigate.info
  • Albawaba.com

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