FRANKFURT (Alliance News) – Germany’s DAX index has topped 13,000 points for the first time in its near-30-year history.
The Frankfurt Stock Exchange-based index of 30 major German companies reached 13,002.34 points on Thursday, but dropped back below the 13,000 mark shortly afterwards. It closed the day at 12,982.89 points.
The DAX index gained 6.4% in September and is up 13% on last year, with analysts crediting a weaker euro and support from Wall Street for a boost to German exports.
The rally has been supported by record-low unemployment data while the German economy – Europe’s biggest – continues to pick up pace.
The boost to the index comes despite an election last month that left German Chancellor Angela Merkel’s conservatives weakened and despite the prospect of Catalonian secession raising the spectre of political uncertainty in the EU.
By Michael Schilling