German shares gain 0.75 pct at start of trading on Wednesday

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BERLIN, Sept. 2 (Xinhua) -- German stocks were off to a good start on Wednesday, with the benchmark DAX index rising 97.41 points, or 0.75 percent, opening at 13,071.66 points.

The biggest winner among Germany's largest 30 companies at the start of trading was plastics specialist Covestro increasing by 2.91 percent, followed by online food delivery company Delivery Hero with 2.74 percent and industrial gas producer Linde with 1.52 percent.

On Wednesday, Swiss bank Credit Suisse raised the price target for Covestro to 44 euros, currently trading at around 41 euros, and left the rating at "outperform."

According to analyst Chris Counihan, Covestro could achieve exceptionally high profit growth from 2021 onwards as some markets recovered and costs were getting lower.

Shares of Deutsche Post fell by 0.34 percent. The German mail and logistics company was the biggest loser at the start of trading on Wednesday.

Germany's Federal Statistical Office (Destatis) announced that calendar and seasonal adjusted turnover of retail companies in Germany in July increased by 4.2 percent year-on-year but declined by 0.9 percent compared to the previous month, based on preliminary results.

The wholesale sector in June increased sales by 4.0 percent in real terms compared to last month. However, wholesale sales were still below the level of February, the month before first COVID-19 restrictions were imposed in Germany, according Destatis.

The yield on German ten-year bonds went down 0.032 percentage points to minus 0.448 percent, and the euro was trading almost unchanged at 1.1917 U.S. dollars, increasing by 0.01 percent on Wednesday morning. Enditem

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