The Dax index closed with little change at the start of the trading week. At the close of the Xetra exchange, the index stood at 24,378 points, a marginal decrease of less than one point compared to the previous trading day. Following a tentative and volatile opening, the Dax briefly moved into positive territory during the afternoon before relinquishing those gains shortly before the market’s close.
Market analyst Andreas Lipkow noted that positive news from Hannover Rück regarding the company’s future dividend policy provided a boost to the entire sector. He observed that trading was generally subdued, characterized by below-average trading volume and a lack of driving market impulses was evident throughout the Monday session.
Throughout the trading day, shares of Hannover Rück, Münchener Rück and BMW led the performance rankings. Conversely, the stocks of Rheinmetall, Bayer and Commerzbank found themselves at the bottom of the list.
Energy prices saw upward movement. Gas futures for November delivery rose to €33 per megawatt-hour (MWh), representing a 6% increase from the previous day’s price. This suggests a potential consumer price of at least 8 to 10 cents per kilowatt-hour (kWh), inclusive of ancillary costs and taxes, should this price level persist.
The price of Brent crude oil also saw a notable increase. Around 5:00 PM local time, a barrel of Brent crude traded at $65.45, a rise of 92 cents or 1.4% compared to the close of the previous trading day.
The euro weakened slightly during the afternoon. One euro was valued at $1.1710, with a dollar fetching €0.8540.