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Business

DAX-30: Blue Chips Rally after Monday's Crash Shock

German blue chips on Tuesday staged a strong recovery from the shock of Monday's aircraft crash in New York, mostly because no link to a terrorist attack has been established so far.

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German blue chips on Tuesday staged a strong recovery from the shock of Monday's aircraft crash in New York, mostly because no link to a terrorist attack has been established so far. Meanwhile, news of further advances by the Northern Alliance in Afghanistan raised hopes of an easing of the terrorist crisis.

The Dax-30 leading share-index closed the session 2.59% higher at 4,945.31, putting it only in the middle rankings of European markets. The Dow Jones Euro Stoxx 50 index put on as much as 4.2%. Investors' focus returned to company news.

Infineon headed the list of winners with a 9.7% rise. The company reported a clearly higher loss in its quarterly results but also forecast a stabilization and consolidation of the semiconductor market in the near future.

There was also strong interest in cyclical stocks such as ThyssenKrupp, which closed up 6.45% after Morgan Stanley raised its earnings target for the share.Financial services provider MLP also caught some of the limelight with a 5.17% advance.

Shares in BASF initially fell on the group's presentation of quarterly results, but later recovered to end 2.4% firmer. The day's few losers included Adidas, Metro, RWE and Munich Re, as well as Linde, generally seen as one of the quiet achievers of the Dax-30.

Setbacks among second-line stocks on Monday had been less dramatic than those incurred by blue chips. The corollary of this was that they also rallied less strongly on Tuesday. The M-Dax index for Germany's 70 leading mid-caps closed with a gain of just 0.85%.

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