FRANKFURT (dpa-AFX) - Encouraging quarterly figures and a confident business outlook boosted Flatexdegiro shares on Friday after a weak start to the year. The online broker's shares soared in the morning, reaching the level of June 2022.

Most recently, Flatexdegiro shares were up a good 21 percent at 11.84 euros. This put them well ahead of the second-line index SDax. This rose by 2 percent.

Flatexdegiro is becoming somewhat more optimistic after a strong start to the year. The increase in turnover and profit is now expected to be at the upper end of the forecast range. In the first quarter, turnover and operating profit were better than experts had expected. A reduction in marketing expenses by a third also contributed to this.

Analysts were delighted. "Flatexdegiro has made an excellent start to the year," said expert Marius Fuhrberg from Warburg Research. Although trading activity had remained rather weak, the online broker had reported high profitability. This was mainly due to strong interest income as a result of the rise in the European Central Bank's key interest rate and selective price increases.

Analyst Panos Ellinas from the US bank Morgan Stanley pointed out that the improved monetization of transactions and cost discipline in particular were probably positively received. In addition, the outlook probably contains "a certain degree of conservatism".

With the jump in the share price on Friday, the shares have made up for the losses incurred since the beginning of the year. From this perspective, they are now up six percent.

The technical picture has also brightened considerably. Flatexdegiro shares are currently trading clearly above important average lines that describe short, medium and long-term trends.

However, the record high of almost EUR 30 reached during the coronavirus pandemic remains a long way off. At that time, Flatexdegiro benefited from a business boom. From mid-2021 onwards, the share price fell sharply again - to below 5.60 euros in December 2022./la/mis/stk