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German shares gain 1.6% at start of trading on Tuesday

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German stocks were off to a good start on Tuesday, with the benchmark DAX index rising by 169.23 points, or 1.60 per cent, opening at 10,733.97 points.

The biggest winner among Germany’s largest 30 companies, at the start of trading, was car manufacturer Volkswagen, increasing by 4.18 per cent to around 126 euros, $137.7.

On Tuesday, U.S. investment bank Jefferies left its rating for Volkswagen at “Hold” with a price target of 115 euros.

Shares of carmaker Daimler came in second with an increase of 3.62 per cent, trading at around 30 euros, after Jefferies confirmed its “Buy” rating with a price target of 40 euros.

The biggest risks for the balance sheets of car manufacturers would be, after liquidity, their in-house financing companies, Jefferies analyst, Philippe Houchois, wrote in a study on European manufacturers available on Tuesday.

Germany’s biggest airline, Lufthansa came in third on Tuesday with an increase of 3.38 per cent.

Shares of E.ON fell by 1.08 per cent.

The German utility was the only DAX company with losses at the start of trading on Tuesday.

The yield on German ten-year bonds went down by 0.005 percentage points to minus 0.347 per cent and the euro was trading almost unchanged at $1.0907, decreasing slightly by 0.02 per cent on Tuesday morning.

Xinhua/NAN

 

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