Advertisement
Singapore markets closed

  • Straits Times Index

    3,410.81
    -29.07 (-0.85%)
     

  • Nikkei

    40,912.37
    -1.28 (-0.00%)
     

  • Hang Seng

    17,799.61
    -228.67 (-1.27%)
     

  • FTSE 100

    8,203.93
    -37.33 (-0.45%)
     

  • Bitcoin USD

    56,583.86
    +2,367.43 (+4.37%)
     

  • CMC Crypto 200

    1,178.57
    -30.12 (-2.49%)
     

  • S&P 500

    5,567.19
    +30.17 (+0.54%)
     

  • Dow

    39,375.87
    +67.87 (+0.17%)
     

  • Nasdaq

    18,352.76
    +164.46 (+0.90%)
     

  • Gold

    2,399.80
    +30.40 (+1.28%)
     

  • Crude Oil

    83.44
    -0.44 (-0.52%)
     

  • 10-Yr Bond

    4.2720
    -0.0830 (-1.91%)
     

  • FTSE Bursa Malaysia

    1,611.02
    -5.73 (-0.35%)
     

  • Jakarta Composite Index

    7,253.37
    +32.48 (+0.45%)
     

  • PSE Index

    6,492.75
    -14.74 (-0.23%)
     

Volkswagen shares rise after "confident" message over 2024

Danilo Masoni
Updated ·1-min read
FILE PHOTO: A Volkswagen ID.5 is displayed at a showroom of a car dealer in Reze

By Danilo Masoni

MILAN (Reuters) -Shares in Volkswagen rose over 6% on Tuesday after call with analysts fuelled bets that the German car maker might unveil fourth-quarter sales above current market expectations when it discloses results in March.

The rise briefly set the stock for its biggest one-day gain in eleven months, outperforming European auto stocks and Germany's benchmark DAX index. Volkswagen shares rose 5.6% on the day by 1553 GMT, while the DAX fell 0.2%.

Stifel analyst Daniel Schwarz said the call delivered a confident message on the fourth quarter and 2024. One trader said the pre-close statement was a relief, given the recent stock battering.

ADVERTISEMENT

"Our take-away is clearly positive regarding Q4 and 2024. VW says that Q4 revenues benefit from higher unit sales. Accordingly, revenues should be up sequentially and y-o-y and probably exceed current consensus estimates of 80 billion euros," he wrote in an email to clients.

"VW made a few comments on 2024. S&P expects global volumes to increase by around 3% and VW should probably grow in line with that," he added.

Against these comments, Schwarz said consensus estimates seemed too low.

Volkswagen did not reply to a Reuters email seeking comment.

Including Tuesday's gains, Volkswagen has fallen by over 9% in the last 52 weeks, while the DAX has risen 10% in the same period.

(Reporting by Danilo Masoni; Editing by Amanda Cooper)