German shares edge lower on Cyprus bailout talks

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Source: Dukascopy Bank SA
German equities dropped as Eurozone finance ministers discussed a bailout for Cyprus. The DAX index declined 0.2% to close at 7,635.10. Five out of nine groups in the index declined. Bayerische Motoren Werke AG paired biggest losses among all blue chip companies as it slid 2% to 72.10 euros to drag down consumer goods that lost 1.2%, the most in the index. Daimler AG followed with a 1.4% drop also pacing losses in the consumer goods group. Furthermore, the shares of Infineon Technologies AG lost as much as 1.2% adding to the decline in technology sector that was 0.8% down. Among best performers were E.ON SE that advanced 3.1% to 13.25 euros and RWE AG followed with a 2% surge, both lifting utilities that jumped 2.2%, posting biggest rally in the equity gauge. Furthermore, Merck KGaA added to gains in health care sector that advanced 1.9% to 99.10 euros. The global pharmaceutical and chemicals company rose after Deutsche Bank upgraded its price forecast for the stocks from 113 euros a share to 118 euros.
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