German DAX shows its best annual performance since 2003

Source: Dukascopy Bank SA
© scanpix/reuters
German equities rose, sending the DAX index to its five-year high, as the U.S. lawmakers agreed on a budget bill that halts the so-called "fiscal cliff". Yesterday, the U.S. House of Representatives passed the budget legislation. Experts say another compromise in February will lead to further rally in the stock market. The German DAX index edged 1.88% higher to 7,757.96, showing the biggest rally since November 19. In addition, the gauge has gained 29% in 2012 and showed best annual performance in the last nine years. All sectors in the index soared. ThyssenKrupp company's shares increased 4.84% to 18.63 euros leading to a 1.1% gain in the basic materials group, Infineon Technologies added 4.21% to 6.37 euros contributing to technology sector and Volkswagen AG surged 4.1% to 168.30 euros pacing gains in the consumer goods sector that increased 2.7%. Bayerische Motoren Werke was also among the best performers with its shares rallying to their highest level in 20 years. Health sector stocks advanced the least by 0.41%, as their gains were capped by Fresenius Medical Care and Bayer AG that erased 2.9% and 1.5%, respectively. Bayer currently faces lawsuits in France over claims that the company's contraceptive pills caused strokes and other cardiovascular illnesses.


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