Dax Takes a Leap Forward in Frankfurt Stock Exchange
Reviving from the previous day's dip, the Frankfurt Stock Exchange witnessed a remarkable recovery on Tuesday. The Dax index, Germany's prominent benchmark, scaled up 0.27%, reaching 16,696 points by midday. With an impressive run in the first half of December, the Dax had already cemented a strong foundation.
Parallelly, the MDax index, showcasing mid-cap stocks, experienced a notable growth of 0.73%, settling at 27,102 points in the middle of the trading day. The EuroStoxx 50, the leading eurozone index, also saw a minor increase of around 0.2%.
Covestro's Rise and Bayer's Fall
Investors focused their attention on Covestro shares, which experienced a significant surge of 2.1%. Rumors swirled around that Abu Dhabi National Oil (Adnoc), the state-owned oil company, was ready to enhance its informal bid for the chemicals group. Rumors hinted at a bid of 60 euros per share.
On the flip side, Bayer faced a setback in a legal dispute in the USA. A jury awarded 857 million US dollars in damages to former students and parents from a Seattle-area school, alleging health issues due to the long-banned chemical PCB, which the US manufacturer Monsanto (acquired by Bayer in 2018) was believed to have been responsible for. However, Bayer's shares managed to recover slightly, clocking a gain of 0.3%.
Reducing Siemens Energy's Stake
Siemens continued to decrease its stake in Siemens Energy, as announced earlier. The shareholding in Siemens Energy AG reduced to 17.1%. Consequently, Siemens shares experienced a growth of 2.3%, while Siemens Energy shares remained stationary.
Thyssenkrupp Nucera Climbs High
Riding high on the wave of the rising global demand for climate-neutral hydrogen, Thyssenkrupp Nucera shares saw a swift surge, with a notable increase of 11% since the beginning of October.
