The German Dax index registered significant gains on Monday afternoon, with a value of approximately 22,820 points, a 1.2% increase, by 12:30 pm.
The top performers in the index were shares of Rheinmetall, Airbus and Daimler Truck, while Vonovia, Sartorius and Eon were at the bottom of the list.
Market analyst Andreas Lipkow attributed the Dax’s performance to the shares of Rheinmetall, Airbus, SAP and Siemens Energy, stating that the potential peace efforts for Ukraine are currently driving the market in an unusual way.
According to Lipkow, the Dax 40 index is being driven by the increased demand for defense and armament spending by European states, with 22 of the Dax 40 companies showing gains.
The euro, the common currency of the European Union, strengthened on Monday afternoon, with one euro exchanging for 1.0448 US dollars and one US dollar for 0.9571 euros.
The gold price also rose, with one troy ounce selling for 2,872 US dollars, a 0.5% increase, equivalent to 88.38 euros per gram.
Meanwhile, the price of Brent crude oil increased, with one barrel trading at 72.97 US dollars at 12 pm German time, a 0.2% or 16-cent increase from the previous day’s close.