German shares off to good start on Tuesday
Good Tuesday #GoodTuesday
BERLIN, May 25 (Xinhua) — German stocks were off to a good start on Tuesday, reaching a new all-time high, with the benchmark DAX index growing by 110.78 points, or 0.72 percent, opening at 15,548.29 points.
The biggest winner among Germany’s 30 largest listed companies at the start of trading was housing company Deutsche Wohnen, gaining 15.63 percent, followed by building materials company HeidelbergCement with a 2.23-percent rise and online food delivery company Delivery Hero with 2.02 percent.
On Tuesday, Deutsche Wohnen’s national competitor Vonovia announced a voluntary public takeover offer for the company for a total of around 18 billion euros (about 22.1 billion U.S. dollars). The merger would create Europe’s largest residential real estate group.
Following the announcement, shares of Vonovia fell by 4.74 percent, the German housing company was the biggest loser at the start of trading on Tuesday.
Germany’s gross domestic product (GDP) fell by 1.8 percent in the first quarter (Q1) of 2021 on the fourth quarter of 2020 and was even down 3.4 percent on Q1 2020, the country’s Federal Statistical Office (Destatis) announced on Tuesday.
The yield on German ten-year bonds declined 0.0130 percentage points to minus 0.1530 percent, and the euro was trading almost unchanged at 1.2218 dollars, decreasing by 0.01 percent on Tuesday morning.