FRANKFURT (dpa-AFX) – The DAX got a breath of fresh air on Friday. He continued his recently interrupted rally and topped Monday’s record. Investors are now more cautious, as evidenced by the high number of hedging transactions, “but they are not leaving the party,” commented portfolio manager Thomas Altmann from QC Partners. Rather, they wait after the fourth Interest rate cut by the European Central Bank (ECB) this year now to the Fed next week. The majority of the US Federal Reserve Bank also expects a small interest rate move of 0.25 percentage points downwards.
At lunchtime, the leading German index rose by 0.31 percent to 20,490.43 points, after previously rising to 20,522 points. This year there is currently an increase of just over 22 percent. The MDAX fell by 0.26 percent to 26,742.59 points at lunchtime.
Munich Re (Munich Reinsurance Company) gave an initial outlook for the new year, which caused the share price to jump by 5.5 percent to a record high. The world’s largest reinsurer is planning a net profit of 6 billion euros after targeting more than 5 billion for the current year. The return on investment is expected to improve to over three percent in 2025 and all business segments will continue to develop well, it was also said.
Otherwise, it was mainly analyst comments that were moving. TeamViewer, at the bottom of the MDax, lost 6.2 percent. The private bank Berenberg canceled its purchase decision and referred to the planned takeover of the software company 1E. Although this makes strategic sense, it cannot be ruled out that too much money will be spent on it, wrote analyst Gustav Froberg. He demands more clarity, also with regard to synergies.
The fact that the major Spanish bank Santander lowered its investment rating for Scout24 to “neutral” hardly moved the shares of the online marketplace operator. It fell by 0.2 percent. It was said that the decent growth prospects have now been adequately priced in. The analysts pointed to the positive price development of the share of almost 23 percent since their buy recommendation in June.
For Cewe (CEWE StiftungCo), the SDax small cap index rose by 2.8 percent. The private bank Oddo BHF has included the photo service provider’s shares in its rating with “Outperform” and a price target of 145 euros and praises its high-quality photo products./ck/mis
— By Claudia Müller, dpa-AFX —