German shares almost unchanged at start of trading on Monday

German stocks were almost unchanged at the start of trading on Monday, with the benchmark DAX index gaining 28.55 points, or 0.22 percent, opening at 13,264.93 points.

The biggest winner among Germany’s 30 largest listed companies at the start of trading was German energy company E.ON, increasing 3.17 percent, followed by consumer goods company Henkel with 0.48 percent and Deutsche Bank with 0.40 percent.

Following the presentation of its third quarter (Q3) results on Friday, Goldman Sachs had raised its rating for E.ON from “sell” to “hold” and increased the price target to 9.70 euros (10.69 U.S. dollars). On Monday, shares of E.ON lost their initial winnings and were trading at just below 9.50 euros (10.47 dollars).

Shares of RWE fell by 0.45 percent. The German utility was the biggest loser at the start of trading on Monday.

After Lufthansa’s executive board had submitted an improved offer to the German trade union ver.di on Monday, Lufthansa’s catering subsidiary LSG Sky Chefs had cancelled planned strikes and Lufthansa shares went to the top of the DAX, increasing 2.18 percent.

The euro was decreasing slightly by 0.05 percent on Monday morning, trading at 1.1019 dollars.