2024-02-06 17:18:09
The Dax oscillated back and forth between plus and minus several times on Tuesday until a clearly firmer trend prevailed in the afternoon and the index even jumped to a new record. At the close of trading, the Dax was 0.8 percent higher at 17,033 points, exceeding the previous all-time high of 17,004 points set just last week.
Takeover rumors drove Qiagen’s shares higher late in the afternoon. A competitor wanted to make a bid for the diagnostic specialist and laboratory service provider, it was said among traders. With a price gain of 5 percent, Qiagen shares ended trading on Tuesday in the Dax as the daily winner. Qiagen also announced business figures late on Tuesday evening. Sales fell by eight percent to $1.965 billion in 2024, and consolidated earnings shrank by almost a fifth to $341 million. At constant exchange rates, however, Qiagen achieved its annual targets lowered last summer, thanks to growth in non-Covid products. In the final quarter, Qiagen exceeded the expectations of analysts, who had expected earnings at the previous year’s level, with adjusted earnings per share of 55 (previous year: 53) cents.
KFW sells Post shares
Post shares are likely to initially be under selling pressure on Wednesday. After the stock market closed in Frankfurt on Tuesday, the state development bank KFW announced that it was divesting itself of part of its stake in Post. The sale of 50 million shares will reduce its stake in Deutsche Post AG to around 16.5 percent from around 20.5 percent. The free float increases accordingly. KFW announced that it would remain the post office’s largest shareholder even after the sale.
—
— (–)
XetraLondon SE Int. Level 1TradegateStuttgartFrankfurtLang & SchwarzSwitzerlandSwitzerlandSwitzerland OTCVienna
For detailed view
The package of 4 percent of all Post shares, which is worth more than 2.2 billion euros at the Xetra closing price, is to be placed with institutional investors overnight, as KfW announced after the stock market closed. The sale is being organized by JPMorgan, Deutsche Bank and Bank of America. The federal government has parked the share package at KFW. Federal Finance Minister Christian Lindner (FDP) had announced that he wanted to raise up to four billion euros from the sale of federal holdings this year in order to finance the necessary renovation of Deutsche Bahn’s rail network.
Renk opens IPO market
Another piece of news fits the good condition of the stock market: The Augsburg tank gear manufacturer Renk is increasing its IPO, which after its failure in autumn 2023 is now being carried out in the second attempt without a capital increase as part of a private placement, by 50 million to half a billion euros. The financial investor Triton placed 33.33 million Renk shares with institutional investors within two days, 3.33 million more than planned, as the company announced on Tuesday evening.
Announcements of support for the Chinese stock market by the government in Beijing helped the Dax on Tuesday, as did gains on Wall Street after strong quarterly reports. In China, the Hang Seng indices found their footing on Tuesday with a daily gain of 4 percent and the Shanghai A-share index with 3 percent after several months of daily movement. However, both indices are still around 20 percent lower than a year ago.
There was encouraging economic data in Germany: incoming orders for industry had risen surprisingly, while analysts had expected a slight decline.
However, the Dax was slowed down on Tuesday by the semiconductor manufacturer Infineon, which lowered its business forecast for the current financial year and thus sent its shares plummeting. RWE’s share price losses were even higher at around 3 percent. The investment house Stifel canceled its previous buy recommendation for RWE because coal still makes up more than 20 percent of RWE’s portfolio and is therefore keeping investors away.
—
— (–)
XetraLondon SE Int. Level 1TradegateStuttgartFrankfurtLong & BlackSwitzerlandVienna
For detailed view
Grenke shares rose in the M-Dax after the leasing specialist specified its program to buy back its own shares to 70 million euros. In the Tec-Dax, the Morphosys share, whose price had already climbed by a whopping 36 percent on Monday, rose a little further. Novartis has submitted a takeover offer for 68 euros per share.
-
Published/Updated:
-
Published/Updated:
-
Published/Updated:
There was no clear trend in the USA on Tuesday. The Dow Jones standard stock index rose by 0.4 percent to 38,521 points by the end of trading. In contrast, the technology stock index Nasdaq 100 fell 0.2 percent to 17.573 points.
#RWE #Infineon #slowing #Dax