The German stock market continued its recovery from July at the start of August. The leading index Dax rose around noon by 0.35 percent to 13,531.54 points and thus to the highest level in almost seven weeks. On Friday, the leading index closed with a plus of one and a half percent and ended July with a gain of around 5.5 percent. The MDax of medium-sized companies increased by 0.61 percent to 27,531.36 points on Monday. The Eurozone leading index EuroStoxx 50 gained around 0.4 percent.
Among the individual values, investors focused on Varta shares after a profit warning with a price drop of 7.6 percent. The battery manufacturer lowered its annual targets due to a gloomier economic outlook, high raw material, energy and transport costs and delayed customer projects.
A buy recommendation from the British bank HSBC helped the Rheinmetall shares to rise by 4.9 percent. Risks for the car division had made Rheinmetall look a little more cautious about sales development in the past week. The driver is still the armaments business in view of the turning point proclaimed by the federal government after Russia’s invasion of Ukraine.
Strong business in America and Asia makes the automotive and industrial supplier Stabilus more optimistic for the current fiscal year. The share certificates rose by 3.3 percent.
The prospect of further share purchases by the major investor EQT drove Suse shares up 5.3 percent at the top of the SDax. The Swedish investor group EQT plans to buy Suse shares for up to 100 million euros from August 8th. So far, EQT already holds more than three quarters of the Suse shares. The software company’s papers had fallen sharply in recent weeks and fell to a record low on Wednesday.
