FRANKFURT (dpa-AFX) - The shares of Evonik attracted the attention of the market on Wednesday with a significant increase in price. And this was mainly because they stood out positively from both the weak overall market and the equally weak chemicals sector.

As the strongest stock in the MDax, the shares recently gained 3.9 percent to 20.45 euros, their highest level since the beginning of March, while the index of medium-sized companies lost 1.6 percent and the European chemicals sector 1.3 percent.

Nevertheless, traders were unclear about the reasons for the share price increase. It was argued that the further fall in energy prices was helping the chemical companies. However, it is questionable why only Evonik recorded significant share price gains and other sector stocks fell.

A high dividend yield could also attract investors to the shares ahead of the forthcoming dividend payment, the report added. Even Evonik's stake in the soccer club Borussia Dortmund (BVB), at a good eight percent, was brought into play after BVB shares made significant gains this week with the chance of winning the championship next weekend./ajx/ag/mis