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9/12/2016, 9:52 AM (Source: TeleTrader)
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E.ON, Linde weigh on DAX on sour day

German and Italian stock markets took some of the worst hits on Monday, mostly led by the financial sector, but a fall in oil prices also affected major manufacturers and utilities.

The DAX took back a chunk of the initial selloff, trading 1.78% in the red at 10,385.64 points at 9:36 a.m. CET. Energy conglomerate E.ON plummeted 13.42% to €7.064 per share, as today the spinoff of fossil fuels unit Uniper SE is coming into force, with a change in the index as an effect. Linde AG was the second-worst performer, plunging 8.3% to €136.50 for one share, as the German company and U.S.-based Praxair Inc. said they decided against further talks on a merger into an industrial gases giant. RWE, the other significant energy company in the DAX, was taken 2.65% down and held close to the bottom of the chart. Deutsche Bank and Commerzbank also lost more than 2.5% each. 

The FTSE MIB bled 2.07% to 16,793.05 points at 9:36 a.m. CET in Milan. Oil and gas contractor was 3.73% in the hole, Telecom Italia shed 3.6%, and financial services company Unipol dropped 3.34%, leading its sector south, with main constituents mostly in the bottom half of the chart. The CAC 40 dipped 1.74%, with ArcelorMittal 3.5% in negative territory, while Nokia was 2.36% lower.

 

Breaking the News / IT