The Dax index continued to rise on Tuesday, marking a new all-time high at exactly 22,046.41 points at 5:07 PM. On a closing basis, the index ended at 22,038 points, a 0.6% increase from the previous day. This also marks a new record.
Papers from SAP led the list, up by nearly two percent, followed by Siemens, Deutsche Bank and Telekom, all of which gained more than one percent. The biggest losers were Porsche, Qiagen, Volkswagen and Vonovia.
“Despite all the challenges and nervousness, the Dax has surpassed the 22,000-point mark” said market analyst Andreas Lipkow. The market breadth, however, is concerning and the new records are only being driven by half of the Dax-40 companies.
“Record-breaking enthusiasm doesn’t quite look like this and so it’s the heavyweight Dax stocks like Siemens and SAP that are leading the charge” Lipkow said. It’s only the shares of the few multinational companies that can benefit from the demand of investors. “The majority of German companies remain in a state of economic lethargy.”
The European common currency was stronger on Tuesday afternoon, with one euro costing 1.0346 US dollars and one dollar being worth 0.9666 euros.