Stock Markets March 24, 2026

German Markets Slip as Software, Construction and Retail Weigh on Close

DAX marginally lower as select chemicals, telecom and industrial names outperform while tech names drag indices down

By Leila Farooq
German Markets Slip as Software, Construction and Retail Weigh on Close

German equities closed slightly lower on Tuesday with losses concentrated in Software, Construction and Retail sectors. The DAX fell 0.06% at the Frankfurt close, led by declines in major software and platform names, while chemicals, telecom and industrial stocks registered some of the day’s largest gains. Market breadth was mixed and volatility rose to a six-month peak for the DAX options gauge.

Key Points

  • Headline indices closed slightly lower with the DAX down 0.06% and TecDAX falling 0.38% - sectors most affected included Software, Construction and Retail.
  • Notable single-stock performances: Brenntag, BASF and Deutsche Telekom were among the top DAX gainers, while SAP, Scout24 and Bayer were among the largest decliners.
  • Market volatility rose to a six-month high for the DAX options gauge; commodities saw oil rise sharply while gold was marginally lower.

Shares on Germany’s exchanges finished lower on Tuesday, with headline indexes slipping as weakness in Software, Construction and Retail names offset gains in chemicals, telecoms and selected industrials.

At the Frankfurt close the DAX lost 0.06%, the MDAX declined 0.18% and the TecDAX fell 0.38%.


Notable movers and sector outcomes

Leading the session on the DAX, Brenntag AG (BNRGn) climbed 7.57%, adding 3.88 points to finish at 55.16. BASF SE NA O.N. (BASFN) advanced 4.18%, up 1.96 points to 48.85, while Deutsche Telekom AG Na (DTEGn) rose 2.85% or 0.90 points to close at 32.44.

On the downside, SAP SE (SAPG) posted the steepest drop on the DAX, falling 4.06% or 6.24 points to end at 147.62. Scout24 AG (G24n) retreated 1.94% to 63.25, down 1.25 points, and Bayer AG NA (BAYGN) slipped 1.88% or 0.73 points to close at 37.74.

MDAX movers included gains for Lanxess AG (LXSG), which jumped 9.93% to 13.95, K+S AG (SDFGn) which rose 5.99% to 16.10, and Wacker Chemie O.N. (WCHG) which gained 5.15% to finish at 76.60. Among MDAX decliners, Delivery Hero AG (DHER) fell 5.15% to 15.65, Nemetschek AG O.N. (NEKG) lost 4.22% to 65.75 and Hensoldt Ag (HAGG) dropped 2.90% to 71.90.

In the TecDAX, Ottobock SE & Co KgaA (OBCK) rose 6.46% to 53.10 and Draegerwerk VZO O.N. (DRWG_p) climbed 5.54% to 93.30. Deutsche Telekom AG Na (DTEGn) again featured among the session’s gainers at 32.44. Technology and engineering names lagged in the index, with Nagarro SE (NA9n) down 9.60% to 43.70, SUSS MicroTec SE (SMHNn) off 6.62% to 56.45 and Atoss Software AG (AOFG) lower by 5.26% to 73.90.


Market breadth and company lows

Advancers outnumbered decliners on the Frankfurt Stock Exchange by 324 to 299, while 26 issues finished unchanged.

Several stocks hit notable lows: SAP SE (SAPG) fell to a 52-week low at 147.62, Scout24 AG (G24n) also reached a 52-week low at 63.25, and Atoss Software AG (AOFG) dropped to a three-year low at 73.90.


Volatility, commodities and FX

The DAX volatility index, which reflects implied volatility in DAX options, rose 2.28% to 32.00, marking a new six-month high for the gauge.

Commodity moves were mixed. Gold futures for June delivery edged down 0.08% or 3.60 to trade at 4,435.90 a troy ounce. Crude oil prices climbed, with the May contract up 5.61% or 4.94 to 93.07 a barrel and the June Brent contract rising 4.73% or 4.54 to 100.46 a barrel.

In currency trading, EUR/USD was recorded at 1.16, with a 0.38% reading noted, while EUR/GBP was at 0.87 with a 0.07% figure reported. The US Dollar Index Futures moved higher by 0.66% to 99.37.


What this means

The session closed with only a modest decline for headline indices, but with clear dispersion across sectors. Chemicals and selected industrial and telecom names delivered the largest gains, while software and certain technology-related names registered pronounced weakness. Rising volatility and several stocks reaching fresh lows were notable features of the day’s trading.

Risks

  • Elevated option-implied volatility in the DAX suggests increased market uncertainty, which can affect equity and derivatives trading - impacts Financials and equity derivatives desks.
  • Several listed companies hit multi-period lows (52-week or 3-year), indicating firm-specific weakness that may pressure sector sentiment, particularly in Software and Technology.
  • Large moves in oil prices introduce commodity risk for energy- and commodity-sensitive sectors, while currency swings and a firmer dollar can affect exporters and importers.

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