FRANKFURT (dpa-AFX) - German real estate stocks were among the biggest winners in a weak market environment on Friday. They thus bucked the subdued European industry trend. Meanwhile, bank stocks came under significant pressure.
In the morning, the Bund Future, which reflects the performance of ten-year German government bonds, reached its highest level since the beginning of March, but has since fallen back significantly. In return, yields fell, which is good news for interest-rate-sensitive real estate stocks but makes bank shares less attractive.
In the afternoon, Vonovia, which was virtually unchanged, was one of the best-performing DAX stocks. In the MDAX, the similarly robust LEG Immobilien and Deutsche Wohnen were well ahead with a decline of 0.4 percent. Patrizia from the SDAX even gained 3 percent. Shares in commercial real estate specialist Deutsche Euroshop had already started to recover on Thursday and rose by a further 1.4 percent.
In contrast, the European sector index fell by a further 0.9 percent. However, it has clearly outperformed German stocks since the beginning of the year, with an increase of 4 percent, with the exception of Deutsche Euroshop. The European banking index fell by 1.7 percent. Deutsche Bank closed 3.4 percent lower on the DAX./gl/men
