Stock exchange in Frankfurt: Dax starts friendly in August

At the start of August, the German stock market continued its strong performance in July and rose moderately on Monday.

Stock exchange in Frankfurt: Dax starts friendly in August

At the start of August, the German stock market continued its strong performance in July and rose moderately on Monday. The Dax rose in early trading by 0.26 percent to 13,519.06 points. The leading index closed on Friday with a plus of one and a half percent. A Dax gain of around 5.5 percent was recorded for the month of July, the strongest July increase in six years. However, it had also fallen sharply in June.

The MDax of medium-sized companies increased by 0.42 percent to 27,480.53 points on Monday morning. The Eurozone leading index EuroStoxx 50 gained around 0.3 percent.

Among the individual values, investors focused on Varta shares after a profit warning with a price drop of 8.4 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. Varta was particularly disappointing in terms of profitability, said a dealer. The new targets are well below expectations. In addition, major shareholder Michael Tojner recently sold a significant proportion of his shares.

In contrast, the shares of Covestro made up for their significant pre-market losses in regular trading. The high energy prices and negative economic expectations make the plastics group even more cautious for 2022. The management now expects an operating result (Ebitda) of only 1.7 to 2.2 billion euros for the full year 2022. So far, 2.0 to 2.5 billion had been in the plan. Analysts had expected a good 2.3 billion on average.

Strong business in America and Asia makes the automotive and industrial supplier Stabilus more optimistic for the current fiscal year. In the twelve months to the end of September, sales should reach around 1.07 billion euros, it said. Previously, 940 to 990 million euros were targeted. The operating profit (adjusted EBIT) adjusted for special effects should also exceed the previously targeted range at around 150 million euros. The share certificates rose by 2.2 percent.

The drug manufacturer Dermapharm wants to take over the French market leader for herbal medicines and dietary supplements. The company announced at the weekend that it had submitted an offer to acquire 100 percent of the shares in Apharma Topco, the holding company of the Arkopharma Group. The Dermapharm titles gained 0.4 percent.

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