German shares lose 0.39 pct at start of trading on Thursday

Source: Xinhua| 2020-02-13 18:31:02|Editor: huaxia

BERLIN, Feb. 13 (Xinhua) -- German stocks were off to a shaky start on Thursday, with the benchmark DAX index decreasing by 53.85 points, or 0.39 percent, opening at 13,695.93 points.

The biggest winner among Germany's 30 largest listed companies at the start of trading was power utility RWE, increasing 1.14 percent, followed by energy company E.ON with 0.48 percent and high-tech polymer materials producer Covestro with 0.23 percent.

Shares of HeidelbergCement fell by 2.45 percent. The German building materials producer was the biggest loser at the start of trading on Thursday.

After HeidelbergCement announced growing revenues and operating income for the fiscal year 2019, U.S. bank JPMorgan maintained its "neutral" rating with a price target of 71 euros (77.26 U.S. dollars). Shares of HeidelbergCement were trading at around 64 euros (69.64 dollars) on Thursday.

The quarterly figures of HeidelbergCement were below their expectations in terms of turnover, but largely in line with their estimate in terms of operating income (EBITDA), wrote JPMorgan analyst Elodie Rall in a study available on Thursday.

The Federal Statistical Office (Destatis) announced on Thursday that the inflation rate in Germany in January, measured as the year-on-year change in the consumer price index, continued to rise and stood at 1.7 percent.

The euro was trading almost unchanged at 1.0871 U.S. dollars, decreasing slightly by 0.01 percent on Thursday morning.