Certificates: “Everything with armor is going well”

With so much money likely to be spent on defense in Germany and at EU level in the future, many are betting on a further rise in defense stocks - especially Rheinmetall. Tech stocks have taken a back seat. 

13 March 2025 FRANKFURT (Börse Frankfurt). High fluctuations on the markets are leading to high turnover in certificate trading. “It's extremely busy at the moment,” reports Patrick Kesselhut from Société Générale. Markus Königer from ICF Bank also reports very lively trading - with products on share indices, individual shares, but also on cryptocurrencies. Simon Görich from Baader Bank is also busy: “As a result of the generally difficult situation due to Trump, tariffs, Ukraine, the German elections, etc., we have seen a significant increase in trading volumes in recent weeks,” he explains.

As far as the underlyings are concerned, the DAX is at the forefront as usual. But then comes Rheinmetall, as the traders report. “Pretty much everything on defense underlyings is doing well,” notes Görich. Apart from that, the highest-turnover underlyings at ICF are Nasdaq, Dow Jones, gold and Tesla, while the situation at Société Générale is similar with Tesla, gold, Nvidia and Nasdaq. “The MDAX and MDAX companies have also come into focus,” explains Kesselhut. The reason: the hope that the MDAX will benefit in particular from the new government's spending package. Oil and currencies, on the other hand, are not a major topic at the moment.