German Dax Index Slides on Tuesday, Closes at 20,341 Points, Up 0.6% on the Day
The German Dax index ended the trading day at 20,341 points, a 0.6% increase from the previous day’s close. The index had initially risen, but then gave up some of its gains before closing higher.
“The German stock market has continued where it left off yesterday” said Konstantin Oldenburger, a market analyst at CMC Markets. “Now it’s a matter of staying on track and not failing at this resistance. Investors who missed the December decline and don’t want to take on additional risk before Donald Trump’s inauguration could quickly get out of their positions.”
Oldenburger believes that a return to 20,000 points would be a warning signal, but it wouldn’t necessarily mean the end of the bull market. “At the round mark, the direction for the coming weeks should finally be established” he said.
Sartorius, Daimler Truck, and Beiersdorf were at the top of the list of stocks, while Continental, Zalando, and Siemens Energy were at the bottom.
Meanwhile, the gas price rose: a megawatt-hour (MWh) of gas for delivery in February cost 48 euros, a one percent increase from the previous day. This implies a consumer price of at least nine to eleven cents per kilowatt-hour (kWh) including additional costs and taxes, if the price level remains.
The oil price also rose: a barrel of Brent crude oil cost 77.03 US dollars at 5 pm German time, a 73-cent or one percent increase from the previous day’s close.
The European common currency was weaker: one euro cost 1.0365 US dollars, and one dollar was worth 0.9648 euros.