German shares almost unchanged at start of trading

BERLIN (Xinhua) – German stocks were up at the start of trading yesterday, with the benchmark DAX index increasing by 25.55 points, or 0.22 per cent, opening at 11,530.20 points.

The biggest winner among Germany’s largest 30 companies at the start of trading was Deutsche Bank, increasing by 3.16 percent, followed by carmaker Daimler with 2.17 per cent and plastics specialist Covestro with 1.82 per cent.

Shares of Infineon fell by 3.23 per cent. The German chipmaker was the biggest loser at the start of trading yesterday.

On Tuesday after trading, chipmaker Infineon announced it raised approximately one billion euros (USD1.1 billion) in a “successful share placement” in order to repay a part of the acquisition financing provided by banks for the purchase of semiconductor producer Cypress.

“With the share placement we completed the envisaged equity portion of the overall refinancing of the Cypress acquisition,” explained Sven Schneider, chief financial officer of Infineon.