HeidelbergCement makes gains

HeidelbergCement makes gains
30 December 2008

German stocks rose for the first time in four days, led by MAN AG on speculation Europe’s third- largest truckmaker will raise its stake in Swedish competitor Scania AB.

Germany’s DAX is still heading for a 42 percent decline this year, the first annual drop since 2002, as more than $1 trillion in credit-related losses and writedowns at finance firms worldwide push the economy toward a recession.

“Trading volume is very low this week,” said Matthias Jasper head of equities at WGZ Bank in Dusseldorf “Investors are looking toward the first five or six trading days in 2009 which may set the trend for the rest of the year as they did in early 2008.”

 HeidelbergCement advanced 5.4 percent to 32.30 euros. Germany’s billionaire Merckle family, majority owner of the country’s largest cement maker, will likely sell Ratiopharm GmbH, a generic drugmaker, Suedwest Presse said, citing the head of its works council, Odo Maxein.

Published under Cement News