DAX Up Marginally After Paring Early Gains
(RTTNews) - After moving notably higher in early trades on Friday, German stocks have pared some gains, unable to sustain at higher levels. The upmove came after data showed stronger than expected growth in the nation's gross domestic product in the first quarter.
The benchmark DAX, which climbed to 24,147.16 earlier in the session, was up 33.44 points or 0.14% at 24,041.71 a little while ago.
Siemens Energy is up 2.3%, and Bayer is gaining 2.2%. Symrise, MTU Aero Engines and Sartorius are advancing 1.4%, 1.3% and 1.2%, respectively.
Heidelberg Materials, Volkswagen, Merck, RWE, Qiagen and Siemens are up 0.5 to 0.85%.
Brenntag is down 3% and Fresenius Medical Care is drifting down 2.85%. Deutsche Bank, Munich Re and Hannover Rueck are lower by 1.2 to 1.6%.
Commerzbank, Continental, Allianz, Porsche and Beiersdorf are down 0.3 to 0.9%.
Data from Destatis showed Germany's GDP registered a quarterly growth of 0.4% compared to the previous estimate of 0.2% expansion. The econony had contracted 0.2% in the fourth quarter of the previous financial year.
"Growth was slightly higher than predicted in the first estimate due to the surprisingly good economic development seen in March," Federal Statistical Office President Ruth Brand said.
"In particular, output in manufacturing and exports registered stronger growth than initially assumed," Brand added.
Calendar-adjusted GDP remained flat on a yearly basis after easing 0.2% in the fourth quarter. The first quarter GDP was revised up from the previous estimate of 0.2% fall.
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