Frankfurt / Main (dpa) - The ups and downs on the German stock market continue: The losses in the middle of the week were followed by recovery gains.
At the same time, the 10,700 points remain an important landmark for the Dax, around which the leading German index has been swinging for some time.
There is hope that more and more countries in Europe are looking into easing after the recent relaxation signals in the corona pandemic. According to a market expert, robust export data from China are also encouraging.
Towards noon the Dax gained 1.08 percent to 10,720.70 points. Portfolio manager Thomas Altmann from QC Partners sees the Dax caught in a trading range between 10,000 and 11,000 points.
"The news situation is still not good enough for an upward breakout. So far, there have been too many buyers buying into a downward move to break out." He also highlighted the current Chinese export data positively and called it a ray of hope in the current crisis.
The leading Eurozone index EuroStoxx 50 gained 0.78 percent on Thursday afternoon. The MDax rose by 2.12 percent to 23,571.31 points. The shares of three companies in the index of medium-sized stocks on the German stock market reached new highs on this day.
Once again, investors focused on numerous quarterly reports, including those of the two Dax members Munich Re and HeidelbergCement. Allianz and Hannover Re in the MDax distribute their dividends, which is why their prices only weakened at first glance.
Following an initially disoriented course in the friendly overall market, Munich Re shares recently rose by 1.2 percent. The corona crisis led to reinsurers falling profits in the first quarter. However, one dealer praised the "surprisingly strong solvency ratio", which provides information on the level of own funds.
HeidelbergCement's share certificates fell by 1.6 percent. Although the sales of the building materials manufacturer declined less sharply than feared by analysts, it is now time to save. The dividend was cut. Lufthansa, as one of the bottom lights in the Dax, lost 2.2 percent. In view of the fall in its share price as a result of the Corona crisis, it is increasingly uncertain whether the airline will still be a member of the first stock exchange league at the end of June.
A flood of annual reports hit the market from the MDax. At the same time, there were even some stocks that climbed to new record highs in the midst of the Corona crisis. In addition to Delivery Hero, which climbed up to over 85 euros, these were Teamviewer and Zalando. Of the three, however, only the latter company presented figures. As a crisis winner, the Internet fashion retailer expects a significant increase in sales in 2020, whereupon the Zalando shares have recently increased by almost 11 percent. At just over 54 euros, they peaked shortly after the stock market launch.
Teamviewer increased to EUR 44.80, then came back a little and rose by almost 3 percent. They benefited from a positive study by the Berenberg Bank. Analyst Gustav Froberg took up the valuation of the papers for the remote maintenance software provider and recommends them with a target price of 50 euros to buy. By 2023, the entire market addressable for the software specialist should expand to 30 billion euros. At the same time, he sees Teamviewer as a leader in his segment.
At the bottom of the index of medium-sized stocks were Metro papers with almost 7 percent. Restaurant and hotel closings in many countries in the wake of the Corona crisis were a major problem for the wholesale chain in the past second business quarter. Specialty chemicals group Evonik lowered its annual targets. His share was one of the weakest MDax stocks at minus 2.5 percent.
Morphosys stood out next to Zalando at the top with a plus of 12 percent. The biotechnology company is sticking to its annual targets and reported a jump in sales for the first quarter thanks to an advance payment from the US pharmaceutical company Incyte.
