The Dax did not manage to pick up after a slightly negative start on Thursday and remained flat until midday. By 12:30 pm, the index was calculated at around 20,310 points, which is a minus of 0.1% compared to the previous trading day. The top of the price list were Commerzbank, Siemens Energy, and Sartorius, with Munich Re, Porsche Holding, and Deutsche Post at the end.
“The trading volume is extremely thin, and the winners are holding the line with the losers in the overall market” said market expert Andreas Lipkow. The representatives of the defensive sectors, such as Beiersdorf, Telekom, Sartorius, and Fresenius, are being sought after.
“There are hardly any notable trading impulses, and as a result, many market participants are on the sidelines. The focus is on the shares of the reinsurance company Munich Re, as investors are expecting higher damage regulations due to the massive wildfires in the western United States” Lipkow said.
The European common currency was slightly weaker on Thursday morning: one euro cost $1.0303, and one dollar was worth $0.9706 in euros.
Meanwhile, the oil price rose slightly: a barrel of North Sea Brent cost around $76.29 at 12 pm German time, which is 13 cents or 0.2% more than at the end of the previous trading day.