FRANKFURT (dpa-AFX) - Carl Zeiss Meditec shares broke out to the upside on Tuesday following an initially volatile session. Market participants focused on the medical technology manufacturer's cost-cutting initiatives, which were well received.
Leading the SDax small-cap index, the stock gained 7.4 percent to 27.46 euros by midday. This move pushed the shares above the 21-day moving average, a key short-term trend indicator. However, this does not alter the sideways trend observed since late January, and the broader downtrend in place since 2012 remains intact.
UBS analyst Graham Doyle described the savings measures as groundbreaking, noting they should fuel investor interest over the medium term. Harald Hof of MWB Research wrote that the restructuring story is now the dominant theme for the investment case./ajx/bek/jha/
