German shares advance on the 2-day summit in Brussels

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Source: Dukascopy Bank SA
German shares traded up on Thursday, as two-day summit of European leaders began in Brussels today. The DAX Index surged 0.8%, or 64.91 points, to 8,036.42, the highest value since January 2008. All but two groups in the gauge inched up. Deutsche Lufthansa AG was the best-performing company with a 3.6% rise, supporting advance in consumer services sector. Profit of the passenger and cargo air transportation company jumped to nearly 1bn euros in 2012, comparing with the 13 million loss in the year 2011. Furthermore, HeidelbergCement AG advanced 2.1%, as it paid back more than expected of its debt. Deutsche Bank AG lifted financials by soaring 2.1% to 34.42 euros. Meanwhile, Commerzbank AG plunged 5.3%, capping further increase in financial sector, as the German lender plans to raise funds by 800 million euros to buy out its stake from the government that currently owns 25% of the company. Volkswagen AG traded with losses of 1.3% at 164.50 euros, as its European sales contracted by 12%.


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