DAX Rallies On Strong Earnings
(RTTNews) - German stocks were sharply higher on Thursday after Nvidia, the kingpin of chips powering artificial intelligence, reported better-than-expected quarterly revenue for the first three quarters of 2023.
Preliminary business activity figures from the HCOB survey painted a mixed picture of the economy, with contraction in the manufacturing sector unexpectedly deepening in February while the services sector activity improved.
The benchmark DAX was up 221 points, or 1.3 percent, at 17,338 after edging up 0.3 percent in the previous session.
Tech stocks topped the gainers list, with Infineon surging nearly 4 percent.
Heidelberg Materials dropped 1.4 percent despite the building materials company reporting an increase in annual net profit on higher revenue.
Automaker Mercedes-Benz surged 4.7 percent after lifting dividend and forecasting stable revenues in FY24.
Krones rallied 2.7 percent. The packaging and bottling machine maker reported a rise in preliminary net profit for the full year, reflecting an improvement in revenue.
Gerresheimer, a maker of packaging products for medication and drug delivery devices, soared 10 percent after reporting a rise in Q4 adjusted profit.
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