XETRA-SCHLUSS / DAX continues its recovery – Bayer is very weak | News

FRANKFURT (Dow Jones) – On Wednesday the German stock market continued the recovery from the previous day. According to industry information, it was primarily a counter-technical movement. The stock exchange reacted very variable to the publication of the CPI in the US, but in the end the positive interpretation won. In April, they increased by 8.3 percent. year on year, more than 8.1% expected, but slightly decreased compared to the March reading of 8.5%. Investors now hope inflation has peaked. DAX gained 2.2 percent. to 13 829.

Bayer in focus with the glyphosate dispute

Among the individual actions, the focus was on Bayer. The share fell by 6.2 percent. The reason was that US Attorney General Elizabeth Prelogarder made a statement explaining the Justice Department’s view of Bayer’s appeal on Hardeman’s glyphosate and agreed with the plaintiffs. In terms of the outcome in favor of Bayer, this reduces the likelihood that the Supreme Court will hear the case and then rule in Bayer’s favor, commented Jefferies. The US Supreme Court is considered pro-business.

In turn, Allianz significantly increased by 5.9 percent. “The market puts an end to US claims,” ​​one trader said. The insurer announced that it would put aside another 1.9 billion euros, previously it set aside 3.7 billion euros. The background is that Allianz Global Investors (“Structured Alpha”) funds suffered huge losses in 2020, with several investors complaining thereafter. The US Securities and Exchange Commission and the Department of Justice were also involved. “It’s positive that this has no impact on dividend policy,” one trader said. Business results for the first quarter were also positive, operating profit was nearly 7 percent. higher than expected.

Energy supplier Eon (+ 3.8%) earned less from its operations in the first quarter and achieved a lower adjusted profit. Performance was driven by high energy prices and a difficult market environment. But this was expected. Citi analysts were surprised by the scale of the forecast reduction in Siemens Energy, the share fell by 2.7 percent.

ThyssenKrupp (+ 11.2%) raised its forecasts partly after strong price gains in the steel and materials trade and now expects an adjusted operating profit of at least 2 billion instead of the previous 1.5 to 1.8 billion euros. At the same time, sales should increase by at least 10 percent, not just about 5 percent.

At the beginning of the year, Evotec expanded in all business areas. However, investments in production capacity in all locations and increased spending on independent research and development led to a decline in operating profit, and this share fell by 10.6%. It jumped 14 percent the day before, fueled by the expansion of its partnership with Bristol Myers.

Corestate fell another 30 percent after a decline from the previous day. The real estate investment manager announced on Monday after the market close that he was exploring new ways to refinance convertible bonds (maturing in November 2022) and bonds (maturing in April 2023).

Online pharmacy campaigns are bullish

After online pharmacy stocks slumped the day before, prices rose sharply on Wednesday. In retail, reference was made to a report in the specialist journal Apotheke Adhoc according to which e-prescriptions are to become mandatory in Germany from September. The pharmacy store gained 19.1 percent.

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INDEX last +/-% +/-% YTD

DAX 13 828.64 + 2.2% -12.94%

DAX future 13 803.00 + 1.9% -12.93%

XDAX 13 803.27 + 1.8% -12.90%

MDAX 28 613.42 + 2.1% -18.53%

TecDAX 2 977.95 + 1.7% -24.04%

SDAX 12,948.18 + 1.7% -21.12%

last +/- ticks

The future of the Bund 153.26% +62

Index winners, losers and traded million euro million shares the previous day

DAX 38 2 0 5 271.8 110.6 86.4

MDAX 42 8 0 903.3 51.6 43.3

TecDAX 23 6 1 916.3 32.1 32.4

SDAX 58 11 1 231.7 13.9 15.7

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Contact to the author: manuel.priego-thimmel@wsj.com

DJG / mpt / flf

(END) Dow Jones Newswires

May 11, 2022 11:57 AM ET (3:57 PM GMT)

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