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DE30 makes up for most of the early session declines
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Covestro rejects Abu Dhabi National Oil Co's takeover bid
European benchmarks extend today's wave of declines, which, however, lost some strength compared to the beginning of the day. The German DE30 today tested the psychological support level at 16,000 points, which is further reinforced by the 50-day exponential moving average. Investors' attention was focused today on interest rate decisions, which turned out to be relatively hawkish.
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Open account Try demo Download mobile app Download mobile appGerman DE30 contracts are trading down today nevertheless their scale has been limited after the retest of the 50-day EMA (blue curve). Source: xStation 5
German DE30 contracts are trading down today nevertheless their scale has been limited after the retest of the 50-day EMA (blue curve). Source: xStation 5
News:
Covestro (1COV.DE) shares are gaining nearly 1.57% following the rejection of an initial takeover proposal by Abu Dhabi National Oil Co. According to sources familiar with the matter, the terms offered for the acquisition were unattractive. During a recent conversation with Covestro executives, Al Jaber proposed an offer around the average price of 55 euros per share, which would have valued the company at nearly 11 billion euros. On the other hand, however, some analysts are forecasting a price per share in the vicinity of 64 euros, which, given the 55 euros offered, may not be an attractive enough rate.
Interestingly, the median recommendation forecasts of analysts surveyed by Bloomberg indicate that Covestro's shares have climbed above the average target price, somewhat negating the narrative of an overly low valuation. Source: Bloomberg
Berenberg raises its rating on shares of Sartorius (SRT.DE) from "hold" to "buy." However, the target price was lowered from €448 to €390 (a 29% difference from yesterday's closing levels).
SRT share prices are consolidating under a zone of important support. Source: xStation 5
Jefferies raises its target price for SAP (SAP.DE) shares and changes its rating from "underperform" to "hold," erasing the last negative analyst rating on the company. Despite the raised recommendation, analysts still believe that the company's overly optimistic communications and relatively unattractive valuation do not encourage accumulation. Target price increased from 105 euros to 115 euros.
The company's shares are today testing the lower limit of the long-term uptrend on the company's shares. Source: xStation 5
Largest percentage changes in individual companies of the DAX index . Source: Bloomberg
Information from individual companies in the DAX index. Source: Bloomberg
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