German shares gain 0.41 pct at start of trading on Wednesday

Xinhua
25 Nov 2020, 16:14 GMT+10

BERLIN, Nov. 25 (Xinhua) -- After reaching a nine-month high on Tuesday, German stocks continued positively at the start of trading on Wednesday, with the benchmark DAX index rising by 54.33 points, or 0.41 percent, opening at 13,346.77 points.

The biggest winner among Germany's 30 largest listed companies at the start of trading was aircraft engine manufacturer MTU Aero Engines, increasing by 2.40 percent, followed by Deutsche Bank with 0.90 percent and pharmaceutical giant Bayer with 0.82 percent.

On Wednesday, private bank Berenberg raised its price target for MTU from 150-230 euros (178-274 U.S. dollars) and upgraded the rating from "hold" to "buy." Shares of the German aircraft engine specialist were trading at around 214 euros (255 U.S. dollars) at the start of trading on Wednesday.

Shares of Vonovia fell by 0.55 percent. The German housing company was the biggest loser at the start of trading on Wednesday.

New orders in Germany's main construction industry in September grew by 3.6 percent on the previous month and were even up 4.9 percent year-on-year, the country's Federal Statistical Office (Destatis) announced on Wednesday.

Destatis also reported that prices for residential property in Germany in the third quarter of 2020 grew by 2.6 percent on the previous quarter and by 7.8 percent year-on-year, the highest average price increase since 2016.

The yield on German ten-year bonds went down 0.001 percentage points to minus 0.567 percent, and the euro was trading almost unchanged at 1.1893 U.S. dollars, increasing by 0.01 percent on Wednesday morning.

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