The German stock exchange experienced a positive trading day on Wednesday, with the DAX index closing at 23,667 points, representing a 0.2 percent increase compared to the previous day’s close. Following a cautious start to the session, the index moved into positive territory in the early afternoon and subsequently expanded its gains, albeit with some fluctuations throughout the day.
Market analysts noted a continued focus on technology stocks and companies in the defense sector, mirroring trends from recent trading days. Simultaneously, defensive industries are attracting renewed interest from investors, while cyclical industries are under selling pressure.
Leading the gains within the DAX were shares of Commerzbank, Zalando and Rheinmetall, while Merck shares registered the largest declines.
Energy markets displayed contrasting movements. Natural gas prices decreased, with a megawatt-hour (MWh) for October delivery costing €32, a 1 percent reduction from the previous day. This suggests a potential consumer price of approximately 8 to 9 cents per kilowatt-hour (kWh), including taxes and ancillary costs, should this price level prove sustainable.
Conversely, oil prices saw a significant increase. Brent crude, a benchmark variety of North Sea oil, reached $68.85 per barrel in the mid-afternoon, a 1.8 percent increase compared to the previous day’s closing price.
The Euro weakened against the US dollar, trading at $1.1739, with a dollar fetching €0.8519.