German stocks rise for sixth day
Tuesday, 21 July 2009
FRANKFURT, July 20 (Bloomberg): German stocks increased for a sixth straight day, the longest stretch of gains since March, on speculation earnings will improve amid an economic recovery.
The benchmark DAX Index added 1.3 per cent to 5,042.05 as of 9:31 a.m. in Frankfurt, the highest intraday price in more than a month. The index rallied 8.8 per cent last week after US companies from Goldman Sachs Group Inc. to Johnson & Johnson reported earnings that beat analysts' estimates, indicating the worst of the global crisis has passed. The broader HDAX Index climbed 1.3 per cent today.
Deutsche Post AG, Europe's biggest mail service, rose 2.7 per cent to 9.85 euros. The company's mail unit will have pretax profit for this year of about 1.38 billion euros (pc1.95 billion), Die Welt reported, without saying where it got the information. It is higher than a forecast made by Deutsche Post when it announced plans to cut costs, the newspaper said.
Equinet AG raised its recommendation for Deutsche Post shares to "hold from "reduce."
Siemens AG, Europe's largest engineering company, gained 1.6 per cent to 52.44 euros. European capital goods shares were raised to "in-line" from "cautious" at Morgan Stanley, which said "on a bottom up basis, we see selective opportunities to own stocks that offer favorable risk-reward trade-offs."
Salzgitter AG, the country's second-biggest steelmaker, climbed 1.6 per cent to 67.08 euros. ThyssenKrupp AG, the largest, increased 1.3 per cent to 18.17 euros as metal prices rose in London.
Continental AG, Europe's second-biggest car-parts maker, jumped 8.3 per cent to 26.25 euros. The company said it had earnings before interest and taxes of 38.8 million euros and an adjusted Ebit of 283 million euros in the second quarter amid "rigorous cost cutting."
The benchmark DAX Index added 1.3 per cent to 5,042.05 as of 9:31 a.m. in Frankfurt, the highest intraday price in more than a month. The index rallied 8.8 per cent last week after US companies from Goldman Sachs Group Inc. to Johnson & Johnson reported earnings that beat analysts' estimates, indicating the worst of the global crisis has passed. The broader HDAX Index climbed 1.3 per cent today.
Deutsche Post AG, Europe's biggest mail service, rose 2.7 per cent to 9.85 euros. The company's mail unit will have pretax profit for this year of about 1.38 billion euros (pc1.95 billion), Die Welt reported, without saying where it got the information. It is higher than a forecast made by Deutsche Post when it announced plans to cut costs, the newspaper said.
Equinet AG raised its recommendation for Deutsche Post shares to "hold from "reduce."
Siemens AG, Europe's largest engineering company, gained 1.6 per cent to 52.44 euros. European capital goods shares were raised to "in-line" from "cautious" at Morgan Stanley, which said "on a bottom up basis, we see selective opportunities to own stocks that offer favorable risk-reward trade-offs."
Salzgitter AG, the country's second-biggest steelmaker, climbed 1.6 per cent to 67.08 euros. ThyssenKrupp AG, the largest, increased 1.3 per cent to 18.17 euros as metal prices rose in London.
Continental AG, Europe's second-biggest car-parts maker, jumped 8.3 per cent to 26.25 euros. The company said it had earnings before interest and taxes of 38.8 million euros and an adjusted Ebit of 283 million euros in the second quarter amid "rigorous cost cutting."