FRANKFURT (dpa-AFX) - Solid guidance from the US also boosted prices on the German stock market on Thursday. The German benchmark index, the DAX, rose 0.7 percent to 23,860 points in early Xetra trading. However, as in the past three weeks, it remains below the 24,000-point mark.
The Dow Jones Industrial in particular had gained ground the previous evening and came close to its record high in November. Tailwinds are also coming from Japan, where the Nikkei index rose sharply. Investors continue to bet on an interest rate cut in the US next week.
The MDax, which tracks medium-sized German stocks, was up 0.8 percent at 29,551 points. The Eurozone index EuroStoxx 50 gained a good half percent.
Analysts' assessments were the main driver of share prices. Siemens Energy rose 2.6 percent, driven by an upgrade to "overweight" by JPMorgan. Commerzbank gained 2 percent after Goldman Sachs withdrew its sell recommendation. A positive comment from JPMorgan caused SAP shares to rise 1 percent.
There were also gains in the automotive sector. Bank of America has taken a more positive stance on Mercedes-Benz shares, which rose 3.3 percent at the top of the DAX. The investment bank also upgraded Porsche Holding shares to "buy," and the shares rose 3.2 percent.
Aurubis shares, which have been performing well recently, rose by a further 0.7 percent after the copper producer released its financial results for the 2024/25 fiscal year.
Among the smaller stocks, Formycon rose 7.7 percent. The biopharmaceutical manufacturer has entered into a partnership with the internationally positioned MS Pharma to commercialize a drug./bek/stk
