The German DAX index experienced a decline to conclude the week, closing at 24,290 points. This represents a 0.3 percent decrease compared to Thursday’s closing value. Following a positive start to the trading day, the index slipped into negative territory during the early afternoon.
“The DAX appears to be running out of steam heading into the weekend” commented market analyst Andreas Lipkow. “Market participants are selectively taking profits ahead of the upcoming weekend, mindful of lessons learned from recent trading weeks. The desire for risk appears tempered, as the potential for a setback has increased in recent trading days, particularly given the high valuations seen in the US stock market.
Throughout the trading session, shares of E.ON, RWE and Zalando led the Frankfurt stock exchange. Sartorius shares, conversely, performed the weakest.
Gas prices also saw a downward trend. A megawatt-hour (MWh) of gas for delivery in August was priced at 33 euros, a 3 percent decrease from the previous day. This suggests a consumer price of approximately eight to ten cents per kilowatt-hour (kWh), inclusive of ancillary costs and taxes, should this price level prove sustainable.
Oil prices softened slightly, with a barrel of North Sea Brent crude fetching $69.46 at approximately 5:00 PM German time on Friday – a six-cent or 0.1 percent decrease from the previous day’s closing value.
The European currency strengthened during Friday afternoon trading. One euro was valued at $1.1656, with a dollar equating to €0.8579.
