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German shares almost unchanged at start of trading

German stocks on Monday were almost unchanged at the start of trading, with the benchmark DAX index losing by 35.71 points, or 0.29 per cent, opening at 12,432.30 points.

German shares almost unchanged at start of trading

The biggest winner among Germany’s largest 30 companies at the start of trading was financial service provider Wirecard, increasing 1.46 per cent, followed by aircraft engine manufacturer MTU Aero Engines with 0.91 per cent.

It was the first day of trading in the DAX for MTU. The company was just promoted to Germany top-30 index, replacing the industrial behemoth Thyssenkrupp.

Located in Munich, MTU is active in the development, manufacture and support of commercial and military aircraft engines for customers such as Boeing and Airbus.

Shares of plastics specialist Covestro started trading at plus 0.80 per cent but fell by more than 3 per cent shortly after trading resumed on Monday.

Shares of Vonovia fell by 1.16 per cent. The German housing company was the biggest loser at the start of trading on Monday.

Meanwhile, Vonovia announced that they agreed to acquire a majority stake in Swedish residential company Hembla from U.S. investor Blackstone for approximately 1.14 billion euros (or about 1.25 billion U.S. dollars).

The Federal Statistical Office Destatis announced that residential property agencies in Germany had increased their turnover from 6.73 to 8.49 billion euros (or about 9.32 billion dollars) in 2017.(Xinhua/NAN)

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