FRANKFURT (dpa-AFX) - Wacker Chemie shares continued to soar on Tuesday. Among the strongest stocks in the MDax mid-cap index, they now left behind the 200-day line, which gives indications of the longer-term trend, with a recent gain of 5.6 percent to almost 140 euros.

After an initially weak start to the new stock market year in 2023, the share price subsequently rose all the more sharply in the other direction, gaining around 29 percent in just under two weeks. Last week, the shares had already broken through short- and medium-term chart resistance.

The share price is currently being supported by the EU's new industrial plan, with which Commission President Ursula von der Leyen aims to make Europe's economy the world market leader for clean technologies and innovations. As a reason for the new plan, von der Leyen also cited the subsidy plans for climate-friendly technologies in the USA and China, which are controversial for competitive reasons. "For European industry to remain attractive, it is necessary to keep up with offers and incentives outside the EU."

Analyst Sebastian Satz of U.K.-based bank Barclays had hinted a few days ago at possible financial support from the EU to move solar manufacturing back to Europe. Eligible companies would be accommodated with lower prices for electricity. According to Satz, this could significantly increase Wacker's profits in the medium term and at the same time reduce the high fluctuations in profits./ajx/tih/jha/