D.In Corpus Christi, the turbulence on the financial markets hit the share prices of European energy suppliers particularly hard. In addition to rising key interest rates in America, England and Switzerland, utility stocks were hit by Russia’s reduced gas supply via the Nord Stream 1 pipeline, which was reduced to just 40%. On the German stock market, the share of chemical company BASF, whose production at the Ludwigshafen site is at risk due to the reduction in gas deliveries, fell 6.4 percent to 45.66 euros by the close of trading. Thursday, the lowest price since May 2020. Similar to BASF lost on Thursday, among the Dax values was the share of energy supplier Eon.
In M-Dax, the price of Uniper, a company that emerged from Eon, even dropped by 9.7 percent. Dax and M-Dax closed on Thursday with significant losses. The Dax closed with a strong under 3.3 percent at 13,038 points and is therefore fast approaching the low of the year since March of this year at 12,831 points.
Energy suppliers have also been in the spotlight on other European exchanges. While the Euro Stoxx 50 lost 3% to Corpus Christi, electronics and energy-dependent companies such as Philips (minus 9.7%), BASF, Eni and Siemens were under particular selling pressure. The price of oil has also slipped. After paying $ 125 on Tuesday for 159 liters of Brent, it was sometimes just $ 116 on Thursday.
Stock prices in America under pressure
Wind turbine manufacturer Nordex has not been able to benefit from the feared energy shortage in Europe for a long time. Now Deutsche Börse is also punishing him radically. As announced Wednesday evening by the exchange as index operator, Nordex stock will be “extraordinarily” removed from Tec-Dax and S-Dax, starting next Monday, June 20th. Nordex violated the basic criteria for joining the index, such as the timely publication of quarterly reports, justified by the exchange. Nordex explained the belated publication of company data with a hacker attack in March that paralyzed the company for a while. In 2020, Deutsche Börse tightened its rules after it had been unable to bar Wirecard from the Dax for months despite filing for insolvency.
Even before the exchange officially announced the expulsion of Nordex on Wednesday night, the Nordex share price had dropped significantly, 8% on Tuesday alone. On Corpus Christi, the first trading day after the announcement of the expulsion, a profiteer reacted: SMA Solar, which is returning to Tec-Dax, gained 1 percent in value in a weak market. On the other hand, the share of Medios, the special pharmaceutical company that is included in the S-Dax for Nordex, has lost about 3% with the entire market.
Stock prices in America were also under pressure on Thursday, after exchanges reacted to the Fed rate hike with price gains on Wednesday. On Thursday, the Dow Jones Industrial Stocks Index fell 2.4% to 29,927 points by the end of trading, ending a trading day below 30,000 points for the first time since January 2021. The S&P 500 stock index has lost 3.3%. Tour operators such as Carnival, Norwegian Cruise, and Royal Caribbean lost most of the value, each losing 11%. Tesla shares ended Thursday down 8.5%. The Nasdaq technology exchange index fell 4.1 percent to 10,646 points.