German stocks were off to a good start on Thursday, with the benchmark DAX index rising 111.29 points, or 0.84 percent, opening at 13,354.72 points.
The biggest winner among Germany’s largest 30 companies at the start of trading was plastics specialist Covestro, increasing by 3.29 percent, followed by aircraft engine manufacturer MTU Aero Engines with 3.15 percent and Deutsche Bank with 2.10 percent.
British investment bank Barclays raised its price target for Covestro from 44 euros to 48 euros and left the rating at “Overweight”. According to analyst Sebastian Satz, the latest price rally was mainly driven by unexpectedly high sales volumes.
Shares of Covestro were trading at around 43 euros on early trading on Thursday.
Shares of Delivery Hero fell by 0.40 percent. The German online food delivery company was the biggest loser at the start of trading on Thursday.
Delivery Hero became the newest member of the German DAX index last week. The online food delivery company replaced the insolvent payment service provider Wirecard after a multi-billion accounting scandal.
The yield on German ten-year bonds went down 0.013 percentage points to minus 0.484 percent, and the euro was trading almost unchanged at 1.1857 U.S. dollars, increasing by 0.01 percent on Thursday morning.