Stock exchange in Frankfurt: Dax narrowly misses record high at the start of the year

The start of the 2024 stock market year in Germany was successful on Tuesday.

Stock exchange in Frankfurt: Dax narrowly misses record high at the start of the year

The start of the 2024 stock market year in Germany was successful on Tuesday. The leading index DAX, which rose by a good 20 percent last year and reached a record high, rose on the first trading day of 2024. Around midday, the stock market barometer rose by 0.5 percent to 16,831 points. At its daily high, the Dax was only 40 points short of another record high. This dates from mid-December at a good 17,000 points.

“On the first trading day of the new stock market year, things continue as the old one ended,” wrote strategist Jürgen Molnar from the broker Robomarkets. Whether the profits will last remains to be seen, "because the major market participants usually return to their screens in the second week of January."

After initial gains, the MDax fell by 0.2 percent to 27,080 points on Tuesday. Last year, the index of medium-sized stocks lagged significantly behind the Dax, with an increase of eight percent.

With a record high, Rheinmetall was in first place in the DAX with a plus of 4.3 percent. The papers of the automotive supplier and arms manufacturer were already among the winners in the Dax last year, driven by increasing arms spending in many places.

In the second row in the MDax, Lufthansa lost 2 percent, weighed down by a sell recommendation from the bank Citigroup. Online service providers such as Delivery Hero and Zalando with discounts of 2.5 and 1.7 percent were not in demand.

Meanwhile, in the SDax, Morphosys continued the high of the past few weeks with a profit of 8 percent. Shares of the biopharmaceutical company reached their highest level since the end of 2021.

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