Stock Markets February 2, 2026

Frankfurt closes higher as Software, Retail and Telecoms lift DAX by 1.00%

Broad-based gains push MDAX and TecDAX higher while commodities and oil retreat; Siemens Energy hits record levels

By Nina Shah
Frankfurt closes higher as Software, Retail and Telecoms lift DAX by 1.00%

German equities moved higher at Monday's close, with the DAX up 1.00% as strength in software, retail and telecommunications stocks supported the market. The MDAX and TecDAX also finished in positive territory. Major individual movers included SAP, Commerzbank and Siemens Energy among gainers, while Rheinmetall, Beiersdorf and Symrise were among the decliners. Commodity prices fell and the dollar strengthened against a basket of currencies.

Key Points

  • Major German indices closed higher: DAX +1.00%, MDAX +1.05%, TecDAX +0.73%.
  • Top sector contributors included Software, Retail and Telecoms, with notable gains in SAP, Commerzbank and Siemens Energy.
  • Commodity prices retreated—gold and oil were lower—while the US Dollar Index Futures strengthened and DAX implied volatility eased.

German stocks finished the trading day in positive territory on Monday, with gains concentrated in the Software, Retail and Telecoms sectors helping to lift the benchmark. At the close in Frankfurt, the DAX rose 1.00%. The mid-cap MDAX climbed 1.05% and the technology-focused TecDAX advanced 0.73%.

Leading the DAX winners, SAP SE (ETR:SAPG) added 2.66%—a rise of 4.54 points—to end the session at 175.10. Commerzbank AG O.N. (ETR:CBKG) rose 2.51%, gaining 0.87 points to finish at 35.56. Siemens Energy AG (ETR:ENR1n) was also among the top advancers, up 2.35% or 3.40 points to close at 147.95.

On the downside, Rheinmetall AG (ETR:RHMG) registered the largest drop on the DAX, sliding 2.95% or 52.50 points to 1,729.00 at the close. Beiersdorf AG O.N. (ETR:BEIG) fell 1.94%, a loss of 1.95 points to 98.50, while Symrise AG Inh. O.N. (ETR:SY1G) retreated 1.58%, or 1.12 points, to close at 69.94.


MDAX movers were led by Delivery Hero AG (ETR:DHER), which jumped 8.90% to 25.70. Puma SE (ETR:PUMG) rose 8.41% to finish at 23.46, and Nemetschek AG O.N. (ETR:NEKG) added 3.99% to close at 76.90. Among the MDAX laggards, Hensoldt Ag (ETR:HAGG) shed 5.08% to 79.40, Redcare Pharmacy NV (ETR:RDC) lost 3.52% to settle at 60.35 and RENK Group AG (ETR:R3NK) dropped 3.15% to 52.35.

In the TecDAX, Nemetschek AG O.N. (ETR:NEKG) also featured among the leaders with a 3.99% gain to 76.90. United Internet AG NA (ETR:UTDI) climbed 2.76% to 28.26, and SAP SE (ETR:SAPG) added 2.66% to 175.10. The weakest TecDAX names included Evotec AG O.N. (ETR:EVTG), down 5.11% to 5.90, Hensoldt Ag (ETR:HAGG) which fell 5.08% to 79.40, and SMA Solar Technology AG (ETR:S92G) which declined 2.60% to 35.94.

Market breadth on the Frankfurt Stock Exchange favored advancers, with 406 stocks rising and 235 falling. Twenty-five shares ended the session unchanged.

Notably, shares of Siemens Energy AG (ETR:ENR1n) reached all time highs during the session, finishing up 2.35% at 147.95.


Volatility and commodity markets moved in contrast to equities. The DAX volatility index, which captures implied volatility in DAX options, ticked down 0.22% to 19.62. In commodities, April gold futures slipped 0.53% or 25.04 to $4,720.06 a troy ounce. Oil prices fell sharply: crude for March delivery dropped 5.14% or 3.35 to $61.86 a barrel, while the April Brent contract lost 4.73% or 3.28 to trade at $66.04 a barrel.

Foreign exchange markets saw modest moves. EUR/USD was unchanged 0.35% at 1.18 and EUR/GBP was unchanged 0.13% at 0.86. The US Dollar Index Futures strengthened, rising 0.54% to 97.38.


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Risks

  • Decliners remain visible across key indices, with 235 stocks falling; sector divergence may create selective risk for investors (affecting Industrial and Consumer sectors).
  • Sharp declines in oil prices could create uncertainty for energy and industrial suppliers whose earnings are sensitive to commodity movements.
  • Elevated moves in individual names (for example large drops in Hensoldt Ag and Evotec) underscore single-stock volatility risk within mid- and small-cap segments.

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