Frankfurt’s DAX index exhibited a lack of definitive direction on Friday, remaining relatively stable during the first half of the trading day. Around 12:30 PM local time, the benchmark index was calculated at approximately 24,170 points, representing a decrease of around 0.1 percent compared to the previous day’s closing level.
Market analyst Andreas Lipkow noted that investors appeared to be adopting a wait-and-see approach following a volatile week. He suggested a degree of caution prevailed, driven by the potential for unforeseen developments over the weekend.
Trading activity focused on stocks that had experienced selling pressure in recent days, potentially indicating short covering. Conversely, shares in insurance companies and traditionally defensive sectors, such as telecommunications and pharmaceuticals, faced selling pressure.
Munich Re experienced significant declines, falling almost six percent by midday and marking the lowest performing stock on the index. Hannover Rück also registered considerable losses. Investors reacted negatively to Munich Re’s recently published quarterly results.
The Euro weakened against the US dollar on Friday afternoon. One Euro was worth 1.1634 US dollars, while one US dollar was equivalent to 0.8595 Euros.
