DAX Ends German Unity Day Slightly Down, Up 2.7% Weekly
On German Unity Day, the stock market ended slightly down by 0.2 percent, closing at 24,378 points. Despite this, the week saw a strong gain of 2.7 percent, the highest since early August. European steel stocks, led by Salzgitter, dominated trading, with Hochtief and Thyssenkrupp also making significant gains.
The day's trading was marked by defensive stocks leading the market, with cyclical stocks seeing occasional breakouts. Salzgitter reached its highest level since July 2023, boosted by an upgrade from analyst Tristan Gresser of Exane BNP Paribas to 'Outperform', causing its stock to soar 10.7 percent. Hochtief continued its record-breaking streak, rising 2.6 percent, while Thyssenkrupp gained 5.5 percent in the MDAX.
Among cyclical stocks, BASF, Daimler Truck, Continental, and Mercedes-Benz also saw gains. The week's strong performance follows the construction news of Ohio's first enclosed stadium, Huntington Bank Field, for the Cleveland Browns, carried out by a joint venture between Aecom Hunt and Hochtief's subsidiary Turner.
Despite a slight dip on German Unity Day, the stock market's weekly performance was robust, driven by European steel stocks and defensive stocks. The construction sector also saw progress with the ongoing project for the Cleveland Browns' new stadium, contributing to Hochtief's record-breaking streak.
