The German DAX index concluded the trading week’s commencement with a near-unchanged closing value. At the close of Xetra trading, the index stood at 24,378 points, reflecting a marginal decrease of less than one point compared to the previous trading day. Following a hesitant and volatile opening, the DAX shifted into positive territory during the afternoon session, although it subsequently relinquished those gains shortly before the market’s close.
Market analyst Andreas Lipkow attributed some support to the overall sector from positive announcements made by Hannover Rück concerning the company’s future dividend policy. He observed that trading activity was generally subdued, characterized by below-average trading volume, highlighting the lack of significant market catalysts.
Throughout the trading day, shares of Hannover Rück, Münchener Rück and BMW led the performance rankings. Conversely, shares of Rheinmetall, Bayer and Commerzbank were among the worst performers.
Energy prices saw upward movement. Natural gas for November delivery reached €33 per megawatt-hour (MWh), a six percent increase from the previous day’s price. This suggests potential consumer prices of at least 8 to 10 cents per kilowatt-hour (kWh), inclusive of ancillary costs and taxes, should this pricing level persist.
Oil prices also registered a notable increase. Brent crude, a North Sea variety, traded at $65.45 per barrel around 5:00 PM local time, representing a $0.92 or 1.4 percent rise compared to the closing price of the preceding trading day.
The Euro weakened slightly, trading at $1.1710, with a US dollar fetching €0.8540.
