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DAX 30 to Close Out the Week with a Loss

Allianz pleases investors with $3 billion share buyback and dividend hike

DAX 30 to Close Out the Week with a Loss

The DAX 30 looks to be set for a Friday loss to close the week with the index broadly down, excepting a handful of positive gains from Allianz, Beiersdorf and Henkel. Those have been made on a positive earnings report in the case of the former and investment in infrastructure and progress on acquisitions in the case of the latter two. The majority of constituents are, however, down with the strong upwards momentum of the earlier part of the week having lost steam and a level of Friday profit taking also likely a factor at the end of a week of two halves. After gains on Monday to Wednesday the DAX 30 is currently roughly flat with where it began Monday morning into a second session of losses that have followed five consecutive sessions of gains.

Wall Street also dropped very slightly yesterday after Wednesday had seen a record set at the end of session that resulted in a fourth straight day of new record high closes be achieved by all the major benchmark indices. Yesterday just managed to set a fifth consecutive record high with a small gain but Nasdaq and S&P 500 indices finished around 0.1% below their previous closes.

Starting with the handful of positive returns seen so far today on the DAX, insurer Allianz has gained 2.2% so far after this morning posting Q4 and full year earnings results for 2016. The biggest plus as far as investors were concerned was the launch of a massive $3 billion share buyback and hiking its ordinary dividend by 4%. The company also stated that while it is interested in the right opportunities for acquisitions big takeovers were not being looked for and it was focused on internal growth and handing cash back to investors. Solid results across the group and the fact it remains on course to meet its targets added up to a decent year for what is developing into a reliable income stock.

Beiersdorf, the personal care company with counts Nivea and Eucerin as part of its stable of brands, is up 2.27% after the company announced a $100 million expansion of its Brazilian factory. Henkel, up 2.35% is the other riser. The Frankfurt-based chemicals giant that owns brands in adhesives, personal care and foodstuffs, amongst other sectors, is reportedly making good progress on a $3 billion deal to acquire Diversey Care, the professional cleaning unit that currently belongs to Sealed Air.

Other than a 0.5% gain for Adidas, there is a lack of positivity elsewhere on the DAX 30 today with the remaining companies down today. Deutsche Bank has performed particularly poorly and is losing 3% while banking peer Commerzbank is down 2.24%.

Among the automobile manufacturers, BMW has shed 1.28%, Daimler 1% and Volkswagen a little less than 3%. Steel manufacturer ThyssenKrupp has dropped 1.62% and semiconductor company Infineon Technologies 1.76%. Other losses are so far being held at under 1%.

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