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European stock market indices trade higher
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DE30 closes in on 16,000 pts mark
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Aroundtown extends buyback programme by 6 months
European stock markets build onto yesterday's gains, following strong lead from Wall Street indices yesterday. Gains can be spotted all across the Old Continent. German, Polish and Italian blue chips indices lead, gaining around 0.7% each. Major indices from other countries trade 0.4-0.5% higher today.
Source: xStation5
DE30 broke above the 15,820 pts short-term resistance yesterday. Bullish momentum remains strong with the index continuing to gain today. DE30 is closing in on the 16,000 pts area - level not seen in a month. This psychological barrier acted as a short-term resistance in the second half of August 2021. Note that the German index is trading less than 2.5% below its all-time highs and if upbeat moods stay in the coming days, it may soon join its US peers and trade at record levels as well.
Company News
BASF (BAS.DE) agreed to sell its attapulgite assets in North America to Clariant, Swiss chemicals manufacturer, for $60 million in cash. Transaction is expected to close in summer 2022.
Aroundtown (AT1.DE) extended its share buyback programme by 6 months, until end-June 2022.
Chinese authorities removed limits on foreign investments in the passenger car sector. Abolition of limits will become effective next year. Decision paves the way for BMW (BMW.DE) to boost stake in its Chinese joint venture above current 50%.
Encavis (ECV.DE) announced purchase of 2 solar power plants in Denmark with a total capacity of 105 Megawatts-peak (MWp) from European Energy. One of the power parks is already operational while the second is expected to become operational in Q1 2022.
Aroundtown (AT1.DE) gains following news of extension of buyback programme. Stock bounced off the €5.20 support zone last week, marked with 61.8% retracement of post-pandemic recovery move. The nearest resistance zone can be found ranging above the 50% retracement in the €5.50 area. Source: xStation5
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