German shares gain 1.17 per cent

BERLIN (Xinhua) – German stocks were off to a good start yesterday, with the benchmark DAX index rising 139.92 points, or 1.17 per cent, opening at 12,030.27 points.

Following heavy losses of 12.4 per cent last week when German shares plummeted the most since the black yesterday in 2011, the German DAX reclaimed the 12,000 points benchmark. Two weeks ago, German shares had still been on a record high of 13,795 points.

The biggest winner among Germany’s 30 largest listed companies at the start of trading yesterday was financial service provider Wirecard, increasing by 5.44 per cent, followed by car manufacturer Volkswagen with 4.11 per cent and stock exchange operator Deutsche Boerse with 2.85 per cent.

Yesterday, Wirecard announced to start a cooperation with Xolo, a startup for running micro-enterprises by offering “fully digital seamless banking for entrepreneurs.” The new partnership would enable Xolo to “revamp and enhance the banking and accounting aspect of its current platform”, Wirecard announced.

“We are pleased to support Xolo’s ecosystem of business users with a streamlined and integrated payment and banking experience which will allow them the freedom to innovate and harness the success they seek”, commented Head of Sales of Wirecard Leonard Coen.

Shares of Deutsche Post fell by 0.48 per cent. The German mail and logistics company was the biggest loser and the only decreasing company at the start of trading yesterday.

Last Friday, US investment bank Goldman Sachs has left Deutsche Post on the conviction buy list with a target price of EUR50 (USD55) per share after the German logistics company had announced to discontinue production of its all-electric delivery van.

Shares of Deutsche Post were trading at around EUR27 on early trading yesterday.

The euro was trading unchanged at USD1.1048 yesterday morning.