On Friday German shares advanced for a sixth consecutive day, which marked the longest streak of gains since September last year, as Euro zones consumer confidence surpassed preliminary estimates in March.
On the Frankfurt Stock Exchange the DAX Index (DAX) closed at 9,342.94 on March 21st, rising 0.50%. The index of blue chip stocks has climbed 3.2% during the week, which has been the largest gain in one month, after Russias President Vladimir Putin said he did not have territorial interest beyond the Crimean peninsula, which spurred demand for riskier assets.
“The Crimea crisis has moved into the background,” Peter Buergler, a trader at Luzerner Kantonalbank AG in Lucerne, Switzerland, said in an interview, cited by Bloomberg News. “Positive sentiment will lead to a positive end to the trading week, and cards will be reshuffled next week. However, the underlying sentiment remains positive among market participants.”
According to the same media, the volume of exchanged shares in DAX-included business entities exceeded the average volume of the last 30 days by 86%.
Shares of Commerzbank climbed 2.5% to reach 13.33 EUR. Morgan Stanley raised the bank to overweight (equivalent of buy) from equal weight and also revised up its share price forecast to 16 EUR, or an increase by 36% compared to the previous forecast.
Shares of Hugo Boss gained 1.6% to reach 94.57 EUR. HSBC Holdings Plc raised the company to overweight from neutral, after its stock tumbled to lows unseen in ten months.
Shares of Adidas AG, the second largest manufacturer of sporting goods worldwide, fell 1.8% to reach 76.24 EUR. Forecast sales of its competitor, Nike, will probably increase at a high single-digit percentage rate during the quarter through May.
Shares of Evotec AG rose 2.9% to reach 3.83 EUR. Commerzbank upgraded the drug-research entity to add (the equivalent of buy) from hold.
Confidence among consumers in the single currency zone outstripped experts expectations during March, which indicated that economic recovery in the region was probably gaining momentum. According to preliminary data by the European Commission, the index of consumer confidence improved to a reading of -9.3 in the current month from -12.7 in late February. Analysts had projected a lesser improvement, to -12.3.
European Central Bank President Mario Draghi said earlier in March that stagnating economy in the Euro zone had prompted the central bank to put its monetary policy on hold, despite that recent data implied recovery.
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