ESSEN/FRANKFURT (dpa-AFX) – Red numbers at the start of the year weighed on thyssenkrupp shares in pre-market trading on Wednesday. The Tradegate price was most recently at 5.29 euros per share, a good four percent below the Xetra closing price on Tuesday. The industrial group’s papers are likely to fall to their lowest level since the end of 2022.
Part of the reason for the red figures was renewed write-downs on the steel business due to increased interest rates and the associated higher cost of capital. Thyssenkrupp reported a net loss of 314 million euros, after a profit of 75 million euros in the previous year.
“The first quarter is not a driver for the share price. Sales and order intake declined, primarily due to price reasons,” commented analyst Christian Obst from Baader Bank. Sales also fell due to lower demand – by nine percent to almost 8.2 billion euros, which was below market experts’ expectations. Order intake fell by 13 percent.
Thyssenkrupp was now more pessimistic in terms of both sales and annual results for the 2023/24 financial year. For example, sales are now likely to be roughly at the same level as the previous year, after the company had previously assumed slight growth./lfi/bek/stk
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