German stocks decline despite positive financial data from domestic economy

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Source: Dukascopy Bank SA
German stocks are trading lower on Wednesday despite positive data from the domestic economy. Only five out of 30 companies included in the gauge posted gains and one out of nine industries moved higher. The DAX retreated 1.3%, or 95.27 points, to 7,779. Fresenius SE & Co KGaA, a medical equipment company, surged 1.2% to EUR97.97, pushing the health care industry into the green zone. Furthermore, Fresenius Medical Care AG & Co KGaA, a subsidiary of Fresenius SE & Co KGaA, climbed 0.7% to EUR85.59. Merck KGaA, a chemical company, closed among the top-three performers with a 0.5% advance. Meanwhile, Deutsche Bank AG plunged 4.1% to EUR30.07 aftre reporting a decline in its profits for 2012 by about EUR400 million to EUR291 million. Allianz SE, a German multinational financial services company, followed with a 3.5% decline. The German largest insurer plans to buy Turkish Yapi Kredi Sigorta AS and become the biggest insurance company in Turkey. Other notable loser was Commerzbank AG sagging 2.2% to trade at EUR1.134.
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