German shares gain 0.62 pct at start of trading on Friday

0 Comment(s)Print E-mail Xinhua, June 19, 2020
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BERLIN, June 19 (Xinhua) -- German stocks were off to a good start on Friday, with the benchmark DAX index rising 75.65 points, or 0.62 percent, opening at 12,375.18 points.

Since Monday, the German DAX index reclaimed the 12,000 points benchmark and had increased by around 6 percent over the course of the week.

The biggest winner among Germany's largest 30 companies at the start of trading was Lufthansa, increasing by 2.76 percent, followed by Deutsche Bank with 1.50 percent and mail and logistics company Deutsche Post with 0.25 percent.

Following losses of more than 70 percent on Thursday, shares of Wirecard continued to fall and lost 21.44 percent at the start of trading on Friday. The German financial service provider was by a significant distance the biggest loser in the DAX.

On Thursday, Wirecard had postponed the announcement of its 2019 financial results for the fourth time after auditor Ernst & Young's refused to certify the audit because of lack of information regarding cash balances of trustees worth 1.9 billion euros (2.13 billion U.S. dollars).

Telecommunications company Deutsche Telekom is scheduled to hold its annual meeting on Friday digitally due to the COVID-19 pandemic. The German company had ended 2019 with a record net profit of 3.9 billion euros (4.37 billion dollars).

On Friday, the Federal Statistical Office (Destatis) announced that producer prices of industrial products in Germany in May declined by 2.2 percent compared to last year.

The yield on German ten-year bonds went up 0.007 percentage points to minus 0.400 percent, and the euro was trading at 1.1203 dollars, declining slightly by 0.01 on Friday morning. Enditem

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