Most German Stocks Gain as GDP Growth Exceeds Estimates
Most German stocks advanced, with the benchmark DAX (DAX) Index trading near its highest level in 11 weeks, as a report showed Europe’s largest economy expanded at a faster-than-expected pace in the second quarter.
Celesio AG (CLS1) fell 2.6 percent after the pharmaceutical wholesaler lowered its earnings estimate for 2013. Aixtron SE dropped 1.9 percent as Cree Inc., which makes energy-efficient lighting products, forecast fiscal first-quarter earnings that fell short of analysts’ estimates.
The DAX lost 0.1 percent to 8,408.73 at 10:21 a.m. in Frankfurt as two shares advanced for every one that retreated. The equity benchmark has rallied 9.3 percent from its low on June 24 as the European Central Bank said that interest rates will remain low for an extended period of time. The broader HDAX Index slipped less than 0.1 percent today.
German gross domestic product increased 0.7 percent in the three months through June, the Federal Statistics Office said today. Economists had predicted a gain of 0.6 percent, according to the median of 47 estimates in a Bloomberg News survey. Eurostat will report the change in GDP for the combined economy of the euro area at 11 a.m. in Luxembourg.
The number of shares changing hands in DAX-listed companies was 39 percent lower than the average of the past 100 days at this time of the day, data compiled by Bloomberg show.
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