German stocks advanced on today after the benchmark index posted the longest losing streak since November, 2011 on last week. On a whole, good news from all over the world, helped German stocks as Italy finally elected a new President and stimulus policies of the Bank of Japan were not opposed at the Group if 20 meeting. The benchmark gauge DAX went ahead by 0.2% and is currently valued at 7,478.11. Thereby the gauge has now snapped declines of last 6 days. On last week, the gauge went down by 3.7% amid a slump in commodity prices, mainly because of bad economic numbers in both China and US. This bolstered concern that a global recovery is sort of faltering. On the other hand, the broader HDAX index went ahead by 0.3% on today as well.
Giorgio Napolitano has been re-elected as the President of Italy. According to the Strategist of Banca Patrimoni Sella & C., Giacomo Chiorino, the re-election of Napolitano is good news for Italy as he is a trustworthy person and he is expected to form a Government with technicians. Chiorino added that the political and economic problems are still present; however, things look at a better shape at this point of time.
Among companies, the 3rd largest maker of luxury cars in the world, Daimler shares increased by 1.8% and each share is currently priced at 39.53 Euros. On the other hand, Volkswagen AG went ahead by 0.8% with each share being priced at 142.10 Euros. After following the higher carmakers gauge in the Stoxx Europe 600 Index, Bayerische Motoren Werke AG jumped up by 0.6% taking price of each share to 65.24 Euros. SMA Solar Technology AG increased by 4.7% after ABB Ltd. of Switzerland agreed to acquire the Power-One Inc. for a price of $1 billion. This decision of ABB Ltd. was mainly because of expanding in inverters which allow solar power to be fed into the grids. Solarworld AG jumped up by 2.4% and each share is currently priced at 69.3 Euro cents.
Commerzbank, the 2nd biggest lender of Germany declined by 4.5% and is at 1.09 Euro per share, a record low value. Guido Hoymann, who is an Analyst at Metzler, cut the price estimate on Commerzbank to 1.10 Euros, from its previous price estimate set at 1.30 Euros. Largest Potash maker in Europe, K+S declined by 3.7%.