FRANKFURT (dpa-AFX) - Against the backdrop of increasing geopolitical tensions worldwide, German defense stocks continued their recent series of record highs on Wednesday. The shares of tank supplier Renk stood out after the announcement of the annual figures with a recent price increase of 11.7 percent to 36.16 euros. Since the initial price of 17.50 euros on February 7, the share price has already more than doubled.

The shares of defense electronics manufacturer Hensoldt rose by 1.0 percent on Wednesday, extending their annual gain to more than 80 percent. Rheinmetall shares, on the other hand, have now paused a little following their record high in early trading and a year-to-date gain of almost 82 percent. The shares of the DAX-listed armaments company have recently been treading water.

Last year, Renk increased its turnover by 9 percent and incoming orders by a good 29 percent. Profitability (EBIT margin) amounted to more than 16 percent. The company confirmed its business targets for 2024.

The figures of the drive technology specialist in the defense sector were in line with expectations, noted Goldman Sachs analyst Victor Allard. He therefore expects that the average market forecasts for the current year will hardly change./edh/ajx/mis