German stocks climbed as Salzgitter AG and Lanxess AG advanced while Merck KGaA declined.
Salzgitter rose 2.9 percent after Chief Financial Officer Heinz Joerg Fuhrmann told Boersen-Zeitung the steelmaker had higher revenue in the third quarter. Lanxess AG jumped 3.4 percent after Barclays Plc advised buying the shares. Merck dropped after analysts said the drugmaker’s Erbitux therapy failed to show benefits in patients with colon cancer.
The DAX Index rose 0.2 percent to 6,303.05 at 3:37 p.m. in Frankfurt. The measure rallied 1.3 percent last week on speculation the Federal Reserve and other central banks will step in to provide more stimulus for the ailing global recovery. The broader HDAX Index gained 0.3 percent today.
“While the Fed has refrained from announcing quantitative easing at the September meeting, it has clearly opened the door” to act to further stimulate economic growth, Jamal Meliani, an economist at Newedge in Paris, wrote in a note today, “and unless economic data surprises sharply on the upside, a move as soon as the November meeting appears quite certain. Insofar as quantitative easing helps drive inflation expectations higher and real yields lower, this is supportive for equities.”
Salzgitter rose 2.9 percent to 51.04 euros. Germany’s second-largest steelmaker achieved a “significant” increase in revenue from the second quarter by renegotiating contracts and raising prices for some products, Fuhrmann told Boersen-Zeitung in an interview.
Lanxess, Merck
Lanxess jumped 3.4 percent to 48.07 euros. The world’s second-biggest maker of butyl rubber was rated “overweight” in new coverage at Barclays, which cited the company’s business outlook and stock valuation.
Merck declined 1.3 percent to 60.70 euros. A study of the company’s Erbitux drug presented last weekend at the Congress of the European Society for Medical Oncology shows the compound didn’t slow or delay the progression of colon tumors and did not prolong the lives of colon cancer patients.
The following stocks also rose or fell in Germany. Stock symbols are in parentheses:
Deutsche Beteiligungs AG (DBA GY) rose 1.6 percent to 18.46 euros. The German private-equity company will pay shareholders a dividend of 40 cents ($0.56) and may even disburse a special dividend if business develops well in coming weeks, Wirtschaftswoche reported, citing Chief Executive Officer Wilken Freiherr von Hodenberg.
Volkswagen AG (VOW3 GY) rose 1.5 percent to 90.65 euros, a fifth advance. Europe’s biggest carmaker will expand vehicle and component production at its German factories in Wolfsburg and Kassel, Stuttgarter Zeitung reported, without citing anyone.
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Salzgitter rose 2.9 percent after Chief Financial Officer Heinz Joerg Fuhrmann told Boersen-Zeitung the steelmaker had higher revenue in the third quarter. Lanxess AG jumped 3.4 percent after Barclays Plc advised buying the shares. Merck dropped after analysts said the drugmaker’s Erbitux therapy failed to show benefits in patients with colon cancer.
The DAX Index rose 0.2 percent to 6,303.05 at 3:37 p.m. in Frankfurt. The measure rallied 1.3 percent last week on speculation the Federal Reserve and other central banks will step in to provide more stimulus for the ailing global recovery. The broader HDAX Index gained 0.3 percent today.
“While the Fed has refrained from announcing quantitative easing at the September meeting, it has clearly opened the door” to act to further stimulate economic growth, Jamal Meliani, an economist at Newedge in Paris, wrote in a note today, “and unless economic data surprises sharply on the upside, a move as soon as the November meeting appears quite certain. Insofar as quantitative easing helps drive inflation expectations higher and real yields lower, this is supportive for equities.”
Salzgitter rose 2.9 percent to 51.04 euros. Germany’s second-largest steelmaker achieved a “significant” increase in revenue from the second quarter by renegotiating contracts and raising prices for some products, Fuhrmann told Boersen-Zeitung in an interview.
Lanxess, Merck
Lanxess jumped 3.4 percent to 48.07 euros. The world’s second-biggest maker of butyl rubber was rated “overweight” in new coverage at Barclays, which cited the company’s business outlook and stock valuation.
Merck declined 1.3 percent to 60.70 euros. A study of the company’s Erbitux drug presented last weekend at the Congress of the European Society for Medical Oncology shows the compound didn’t slow or delay the progression of colon tumors and did not prolong the lives of colon cancer patients.
The following stocks also rose or fell in Germany. Stock symbols are in parentheses:
Deutsche Beteiligungs AG (DBA GY) rose 1.6 percent to 18.46 euros. The German private-equity company will pay shareholders a dividend of 40 cents ($0.56) and may even disburse a special dividend if business develops well in coming weeks, Wirtschaftswoche reported, citing Chief Executive Officer Wilken Freiherr von Hodenberg.
Volkswagen AG (VOW3 GY) rose 1.5 percent to 90.65 euros, a fifth advance. Europe’s biggest carmaker will expand vehicle and component production at its German factories in Wolfsburg and Kassel, Stuttgarter Zeitung reported, without citing anyone.
http://jodnet.blogspot.com
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