German shares gain 0.75 pct at start of trading on Monday

BERLIN, Mar 8 (XINHUA/APP):German stocks were off to a good start on Monday, with the benchmark DAX index rising by 100.88 points, or 0.75 percent, opening at 14,024.57 points.

The biggest winner among Germany’s 30 largest listed companies was dialysis specialist Fresenius Medical Care, increasing by 1.47 percent, followed by carmakers Volkswagen and BMW with 1.41 and 1.40 percent, respectively.

On Monday, U.S. investment bank Goldman Sachs raised its price target for Fresenius from 68 to 69 euros and left its rating at “buy.” Shares of the company were trading at around 58 euros when the markets opened.

Shares of Merck fell by 1.23 percent. The German pharmaceutical company was the biggest loser after Goldman Sachs confirmed its “sell” rating. Shares of Merck were trading at around 128 euros at the start of Monday.

German industrial production in January declined 2.5 percent from the previous month and was even down 3.9 percent year-on-year, the country’s Federal Statistical Office announced on Monday.

Turnover in Germany’s service sector in the fourth quarter of 2020 continued to recover, growing by 4.3 percent from the previous quarter but still down 5.4 percent year-on-year, the office said.

The yield on German ten-year bonds went up 0.020 percentage points to minus 0.284 percent, and the euro was trading almost unchanged at 1.1925 U.S. dollars, increasing by 0.04 percent on Monday morning.

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