The German stock market started the new trading week without a clear direction on Monday. The DAX index, which had been firmer in the morning, steadily declined in late trading and closed near its daily low, up 0.13% at 22,271.67 points. The MDAX, which tracks medium-sized companies, rose 0.05 percent to 28,308.01 points.
Among individual stocks, Airbus shares led the DAX, gaining 2.6 percent. The world’s largest aircraft manufacturer has finally agreed to acquire some of Spirit Aerosystems’ assets.
Airbus leads despite flat DAX
Airbus will pay US$439 million for the purchase of the loss-making facilities, which produce parts for the European aircraft manufacturer. Traton was the top performer in the MDAX, with a 7.4% gain. The truck holding company within the Volkswagen Group presented its final quarterly figures in the morning, and analysts particularly praised the order situation and the confirmed outlook.
BASF gained 1.3 percent following a report in the Dutch financial newspaper “Het Financieele Dagblad” that Akzo Nobel was “seriously interested” in BASF Coatings, the surface solutions business. Overall, the market lacked a clear trend, indicating cautious investor sentiment at the start of the week.
Image Credits: Photo by Luke Chesser on Unsplash
