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Article: Germany : DAX Benchmark Declines, Led by Commerzbank; Beiersdorf Gains.
- Article from:
- TendersInfo
- Article date:
- September 26, 2009
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German stocks dropped for a third day before reports on durable goods and new-home sales from the U.S.
Declines were led by Commerzbank AG and Deutsche Bank AG. Shares of solar companies fell after WestLB AG cut its recommendations on Solarworld AG, Phoenix Solar AG and Q-Cells SE. Beiersdorf AG, the German maker of Nivea skin creams, advanced 2.2 percent after Deutsche Bank recommended clients to buy the shares.
The benchmark DAX Index lost 0.2 percent to 5,595.35 as of 11:26 a.m. in Frankfurt. The rally since March left the DAX valued at about 48.7 times its companies reported earnings as of Sept. 18, the highest level since December 2003, according to ...