German shares lose 1.12 pct at start of trading on Friday

Source: Xinhua| 2020-05-29 17:33:30|Editor: huaxia

BERLIN, May 29 (Xinhua) -- After recording gains of around five percent since the start of the week, German stocks were off to a shaky start on Friday, with the benchmark DAX index losing 131.76 points, or 1.12 percent, opening at 11,649.37 points.

The biggest winner among Germany's 30 largest listed companies at the start of trading was the German consumer goods company Henkel, increasing by 0.65 percent, followed by housing company Vonovia with 0.12 percent and utility RWE with 0.07 percent.

After trading Thursday, U.S. bank JP Morgan raised the price target for Vonovia from 56 to 59 euros (66 U.S. dollars), leaving the rating at "overweight." On Friday, the German housing company was trading at almost 52 euros.

Shares in E.ON fell by 4.36 percent, making the German energy company the biggest loser at the start of trading on Friday.

The Federal Statistical Office (Destatis) announced on Friday that the index of import prices decreased by 7.4 percent in April year-on-year. German export prices only fell by 1.1 percent at the same time.

Turnover of retail companies in Germany decreased by 6.5 percent in April year-on-year, according to preliminary data by Destatis.

The yield on German ten-year bonds went down 0.008 percentage points to minus 0.428 percent, while the euro was trading almost unchanged at 1.1079 U.S. dollars, decreasing slightly by 0.02 percent on Friday morning. Enditem