FRANKFURT (dpa-AFX) - A further forecast cut by Lanxess coupled with a planned dividend cut is putting a heavy strain on the shares of the specialty chemicals group on Monday. In the early afternoon, the shares brought up the rear in the MDax and extended their losses.

With a drop of 8.2 percent, they slipped below the 21-day line, which signals the short-term trend and runs at 21.39 euros. Trading was interrupted several times. Since the beginning of the year, Lanxess has brought up the rear in the mid-cap index with a drop of 44 percent.

According to Jefferies analyst Chris Counihan, the lowering of the profit targets is increasingly focusing attention on Lanxess' balance sheet - with probably only limited free cash. The group is now apparently recognizing this, which is why the dividend is being cut and business units are also being sold. A refinancing of debt is not due until mid-2025, which should continue to be a clear burden on the share price performance./ajx/jha/