The German stock market benchmark, the DAX, maintained a positive trend throughout Friday morning, although it relinquished a portion of the earlier gains. At 12:30 PM local time, the index stood at approximately 23,600 points, representing a modest increase of 0.3 percent compared to the previous day’s closing value.
Significant demand was observed across major insurance companies. Shares of Munich Re led the gainers, experiencing a surge of over three percent at midday. Allianz and Hannover Re also featured prominently within the top five performers, alongside Siemens and Mercedes-Benz.
Investor sentiment appears to be influenced by ongoing geopolitical tensions, leading to expectations of increased business opportunities for the insurance sector. This perception was further bolstered by a substantial share purchase of Munich Re stock, exceeding €300,000, by board member Christoph Jurecka, prompting follow-on investments from other shareholders.
The euro strengthened slightly in Friday afternoon trading, exchanging at $1.1669, with the dollar correspondingly valued at €0.8570.