(new: share price development, analysts' comments, chart technology)

FRANKFURT (dpa-AFX) - Investors were enthusiastic about Siemens on Thursday: The technology group impressed with figures for the final quarter and the outlook for the 2023/24 fiscal year, which has just started. This gave the shares a recent gain of 6.1 percent to 147.34 euros, with the heavily weighted stocks outperforming all other DAX stocks. They supported the leading German index, which remained in good shape with a gain of 0.3 percent.

Traders spoke of a surprisingly positive forecast from the technology group and the quarterly figures were also well received. Overall, there was little or nothing to criticize, wrote analyst Philip Buller of Berenberg Bank. The strong free cash inflow and high returns to shareholders should create confidence. The proposed dividend is higher than expected and there is a new share buyback program of up to six billion euros.

According to analyst Nicholas Green from Bernstein Research, incoming orders, sales and organic growth have surprised positively in every division. The forecast for the financial year that has just started is impressive. According to one trader, the consensus for organic growth is at the lower end of the target range.

In addition to the company's own positive business development, the situation at Siemens Energy, which has been resolved for the time being, and the strength of the overall market also contributed to the increase in the price of Siemens shares. Siemens Energy recently reached an agreement with banks and the German government on guarantees to secure orders and reached an agreement with Siemens on the sale of shares in its Indian business. According to analysts, the latter will not have a major impact on Siemens' balance sheet.

The recovery that started at the end of October is now being fueled by the current share price gain. At the end of October, the crisis at the former subsidiary Siemens Energy also dragged down Siemens shares, which initially accelerated the downward trend since mid-June. Since then, however, they have risen by more than 23 percent and reached their highest level since the beginning of August.

They are currently approaching the resistance of the 61.8 percent Fibonacci retracement. This refers to the losses suffered by Siemens shares from the record high of 167 euros reached in mid-June to the lowest level in almost a year at the end of October, of which the shares have now recovered almost 61.8 percent. If they break through the resistance, additional price potential could be unleashed./ajx/tih/mis