Germany’s DAX 30 Index Shrugs Off Early Losses To Tick Higher
Germany’s shares reversed higher on Wednesday, paring losses in early trading hours to trade at the highest level since Monday. The advances were supported by automotive manufacturing companies.
The DAX 30 index was up 0.18% at 11,606.40 at 1:00 PM GMT after opening lower. German car maker Volkswagen AG topped the index after the company confirmed that it has agreed to pay $4.3 billion in penalties to the U.S. Justice Department and Customs to settle charges that it used special software to cheat on diesel emissions tests.
Electric utilities company RWE and power and gas company EON also contributed largely to the gains. Shares of RWE rose 3.51% while those of EON surged 3.14%.
Out of 30 companies making up the benchmark, gainers outweighed losers by 18 to 12.
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