German shares gain 1.05pc

4 June, 2020 12:00 AM printer

BERLIN: After closing above the 12,000 points benchmark on Tuesday, German stocks continued strongly on Wednesday, with the benchmark DAX index rising 125.84 points, or 1.05 percent, opening at 12,147.12 points.

The biggest winner among Germany's largest 30 companies at the start of trading was chipmaker Infineon, increasing by 3.22 percent, followed by aircraft engine manufacturer MTU Aero Engines with 2.94 percent and German chemical giant BASF with 2.58 percent, reports Xinhua.

Shares of Fresenius Medical Care (FMC) fell by 0.60 percent. The German dialysis specialist was the biggest loser at the start of trading on Wednesday.

On Wednesday, Germany's largest airline Lufthansa announced that revenues declined to 6.4 billion euros (7.2 billion U.S. dollars) in the first quarter of 2020, resulting in losses of 2.1 billion euros (2.35 billion dollars).

"Global air traffic has come to a virtual standstill in recent months," reminded Carsten Spohr, chairman of the executive board of Lufthansa, adding that "this has impacted our quarterly results to an unprecedented extent."

Germany's unemployment figures in April increased by 13.4 percent month-on-month to 1.89 million people, the Federal Statistical Office (Destatis) announced earlier in the day. After two days of negotiations, the German government is expected to announce details of a comprehensive economic aid package on Wednesday.