Wednesday May 7, 05:27 PM
German shares close higher buoyed by strong corporate quarterly results UPDATE
(updates with full report)
FRANKFURT (Thomson Financial) - German shares closed higher, buoyed by relatively strong quarterly earnings that were led by Henkel (Xetra: 604840 - news) , dealers said.
The DAX was up 59.15 points or 0.84 percent at 7,076.25 after trading between 7,037.01 and 7,107.53.
The MDAX gained 134.74 points or 1.42 percent to 9,632.79 while the TecDAX (Xetra: news) gained 13.52 points or 1.62 percent to 846.91.
DAX (Xetra: news) futures were higher 3.00 points or 0.04 percent at 7,112.00 while bund futures fell 0.05 points or 0.04 percent to 113.65.
The euro was trading at $1.5383 compared with $1.5431 at midday.
Henkel was the best performer, adding 1.60 euros or 5.68 percent at 29.75 after it disclosed a consensus-beating net profit figure for the first quarter.
Postbank was up 1.84 or 3.26 percent at 58.20 a day before publication of its first-quarter results.
Infineon (Xetra: 623100 - news) rose 0.21 or 3.25 percent at 6.67, profiting from the overall gains in the technology sector after U.S. peer Cisco Systems (NASDAQ: CSCO - news) unveiled a consensus-beating third-quarter report.
Deutsche Boerse (Xetra: 581005 - news) , which disclosed solid first-quarter results late on Tuesday, was up 2.24 or 2.23 percent at 102.65.
On the downside, Deutsche Post (Xetra: 555200 - news) fell 0.80 or 3.82 percent at 20.14. The stock traded ex-dividend after the company paid a 0.90 euro dividend.
Commerzbank (Xetra: 803200 - news) shares gained 0.38 euros or 1.63 percent to 23.67 after the bank received mixed reviews from traders and analysts on its first-quarter figures, with the slight majority saying the numbers came in a bit better than expected.
RWE (Xetra: 703712 - news) closed up 1.88 or 2.45 percent at 78.48. Market talk resurfaced that France's Electricite de France (EdF (Paris: FR0010242511 - news) ) is interested in RWE and wants to pay 135 euros per share for the German utility, though dealers were sceptical.
Over on the MDAX (Xetra: news) , Heidelberger Druckmaschinen (Xetra: 731400 - news) added 1.47 or 9.30 percent at 17.27. It reported mixed first-quarter figures that beat expectations on some key items.
Hannover Re fell 2.75 or 7.72 percent at 32.85, the biggest loser on the MDAX, a day after it disclosed quarterly results that were cheered by investors. It also traded ex-dividend after paying out 2.30 euros per share to shareholders.
EPCOS (Xetra: 512800 - news) was the biggest gainer on the TecDAX, up 0.89 or 8.58 percent at 11.26. QSC (Xetra: 513700 - news) lost 0.03 or 1.19 percent at 2.50.
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