FRANKFURT (dpa-AFX) - After operating black figures for 2022, papers of Commerzbank initially continued in the rally in the shaky market environment on Monday. Shares in the Frankfurt-based company gained 2.8 percent, extending the gain in the still young year to 17.5 percent. At the highest level since May 2018, however, they recently ran out of steam somewhat.

Expert Chris Hallam of Goldman Sachs saw the preliminary pre-tax result slightly below expectations. However, in view of the surplus already achieved after nine months, the bank should have comfortably reached its target of more than one billion euros for the full year, Hallam said. When the final balance sheet is presented in mid-February, the quality of the results will still be the main issue, he added.

The banking sector as a whole is holding up better than the overall market on Monday. Strategists at investment bank Barclays have an "overweight" rating on the sector, given an improving macroeconomic outlook and even longer higher interest rates. It had run up "quickly, but not too far", wrote the strategists around Emmanuel Cau.

Commerzbank had released preliminary figures this morning to show that it has now achieved two consecutive years of positive operating profit (Ebitda). That could give it a good position in the race and promotion to the Dax, which Linde will soon leave./ag/mis