VW Earnings Support Shares
April 26, 2011
The 30-share IBIS DAX stock index, which tracks prices in electronic trading, slipped 1.04 to 2544.61. During official floor trading earlier in the day, the DAX stock index of 30 blue chips eased 0.73 point to 2538.68 after gaining 11.23 Tuesday. VW continued to gain after announcing better-than-expected first-half earnings Tuesday. Also, both VW and auto maker Bayerische Motoren Werke headed higher as Merrill Lynch upgraded its rating on the shares to ``buy.'' VW shares ended electronic trading 1.50 marks higher at 526 marks a share, while BMW rose 9 marks to 843. Besides VW's gains, the only other support for share prices on Wednesday was the stronger U.S. dollar, traders said. Shortly after the IBIS DAX settled, the dollar traded at 1.4841 marks, up from 1.4764 marks late Tuesday.
