July 16, 2019 / 6:32 AM / 8 months ago

Bayer shares up 1.8% trade after U.S. Roundup rule

FILE PHOTO: The so-called 'Chempark', the main plant and headquarters of German pharmaceutical and chemical maker Bayer AG is pictured along the river Rhine in Leverkusen, Germany, July 3, 2019. REUTERS/Thilo Schmuelgen/File Photo

FRANKFURT (Reuters) - Shares in German chemicals company Bayer (BAYGn.DE) rose 1.8% in early trade on Tuesday after a U.S. judge slashed a damages award Bayer owes a California man who blamed its Roundup weed killer for his cancer.

Broker Lang & Schwarz said premarket trades had seen the stock up 4.2%. The stock had fallen 6.5% so far this month.

The judge said evidence against the former Monsanto Co, which Bayer bought last year, supported punitive damages over the glyphosate ingredient contained in Roundup but reduced damages to $20 million from $75 million.

A Frankfurt-based trader said that in his view early Tuesday gains were not sustainable.

“Next Glyphosate trials will start in August,” he said. “Bayer will only see an ongoing recovery when it enters mediation talks to settle the 13,400 claims.”

Germany’s DAX .GDAXI was 0.06% up.

Reporting by Vera Eckert; Editing by Thomas Seythal and Louise Heavens

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