• Germany's news in English

German giants dazzle Dax

The Local · 10 May 2013, 15:21

Published: 10 May 2013 15:21 GMT+02:00

Facebook Twitter Google+ reddit

Although the German economy might be widely considered to be remarkably robust, when the DAX scaled no less than three record heights this week it left analysts scratching their heads.

Better-than-expected jobs figures from the US no doubt had something to do with it. Communications giant Deutsche Telekom benefited from improved consumer confidence and there with strong sales of the iPhone5. On Wednesday shares rose by 4.7 percent to close on a seven-month high.

Allianz, Europe's largest insurance company, also boasted substantial gains. Its shares, bolstered by significant profits in the first quarter of the year, rose 3.6 percent to hit a 5-year high.

Another upward mover was the Linde group, the world's largest industrial gas company, whose share price rose to a record €149, before inching up another 2.8 percent.

Shares at pharmaceutical company Celesio rocketed on speculation published in the Platow Brief investor magazine that the Haniel group was planning to sell a portion of its stake in the company. However a spokesperson for the Haniel group later told Reuters news agency there were no plans to scale back its investment.

Chemical manufacturer Henkel was another major contributor to gains on the DAX. The Düsseldorf-based company performed better than expected thanks to strong sales of cleaning products and cosmetics. Shares increased by 5 percent, though that gain was tempered by poor figures in the glues sector.

But it wasn't all rosy news on the German markets. Shares at ailing real estate company IVG plummeted almost 30 percent on Wednesday afternoon. Revenue fell by €31 million compared to the previous quarter.

Story continues below…

All in all though, the Handelsblatt concluded, this week provided further evidence that Germany - unlike the rest of Europe – is continuing to weather stormy fiscal waters, leaving the economic outlook here bright - for now.

The Local/kkf

The Local (news@thelocal.de)

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
These are Germany's top ten universities
The new library of Freiburg University. Photo: Jörgens.mi / Wikimedia Commons

These are the best universities in all of Germany - at least according to one ranking.

Introducing Swabians - 'the Scots of Germany'
Photo: DPA

These Southern Germans have quite a reputation in the rest of the country.

Woman sues dentist over job rejection for headscarf
Photo: DPA

A dentist in Stuttgart is being taken to court by a woman whom he rejected for a job as his assistant on the basis that she wears a Muslim headscarf.

Isis suspect charged with scouting Berlin attack sites
Photo: DPA

German federal prosecutors said Thursday they had brought charges against a 19-year-old Syrian man accused of having scouted targets in Berlin for a potential attack by the Isis terror group.

Berlin Holocaust memorial could not be built now: creator
The Memorial to the Murdered Jews of Europe, in Berlin. Photo: DPA.

The architect of the Berlin Holocaust memorial has said that, if he tried to build the monument again today, it would not be possible due to rising xenophobia and anti-Semitism in Germany and the United States.

'Liberal' Germany stopping Europe's 'slide into barbarism'
Ian Kershaw. Photo: DPA

Europe is not slipping into the same dark tunnel of hate and nationalism that it did in the 1930s - mainly thanks to Germany - one of the continent's leading historians has said.

Eurowings strike to hit 40,000 passengers
Travelers impacted by the strike on Thursday wait at Cologne Bonn airport. Photo: DPA.

The day-long strike by a Eurowings cabin crew union is expected to impact some 40,000 passengers on Thursday as hundreds of flights have been cancelled.

Deutsche Bank reports surprise quarter billion profit
Photo: DPA

Troubled German lender Deutsche Bank reported Thursday a surprise €256-million profit in the third quarter, compared with a loss of more than six billion in the same period last year.

US 'warned Merkel' against Chinese takeover of tech firm
Aixtron HQ. Photo: DPA

The German government withdrew its approval for a Chinese firm to purchase Aixtron, which makes semiconductor equipment, after the US secret services raised security concerns, a German media report said Wednesday.

Long-vanished German car brand joins electric race
Photo: DPA

Cars bearing the stamp of once-defunct manufacturer Borgward will once again roll off an assembly line in north Germany from 2018, the firm said Wednesday.

10 German clichés that foreigners get very wrong
Sponsored Article
Last chance to vote absentee in the US elections
10 ways German completely messes up your English
Germany's 10 most weird and wonderful landmarks
10 things you never knew about socialist East Germany
How Germans fell in love with America's favourite squash
How I ditched London for Berlin and became a published author
12 clever German idioms that'll make you sound like a pro
23 fascinating facts you never knew about Berlin
9 unmissable events to check out in Germany this October
10 things you never knew about German reunification
10 things you're sure to notice after an Oktoberfest visit
Germany's 10 most Instagram-able places
15 pics that prove Germany is absolutely enchanting in autumn
10 German films you have to watch before you die
6 things about Munich that’ll stay with you forever
10 pieces of German slang you'll never learn in class
Ouch! Naked swimmer hospitalized after angler hooks his penis
Six reasons why Berlin is now known as 'the failed city'
15 tell-tale signs you’ll never quite master German
7 American habits that make Germans very, very uncomfortable
Story of a fugitive cow who outwitted police for weeks before capture
jobs available
Toytown Germany
Germany's English-speaking crowd