Vienna stock market ends Wednesday with moderate premiums, voestalpine and Do & Co show positive movement

VIENNA (dpa-AFX) – The Vienna stock market ended trading on Wednesday with moderate premiums. The indices had fallen in the morning, but then recovered. In the end, the leading index ATX increased by 0.34 percent to 3138.38 points. The broader ATX Prime gained 0.28 percent at 1591.05 points.

The focus was on the voestalpine shares, which closed 3.8 percent higher after a slow start. The Linz steel group invested a lot in the 2022/23 financial year, reduced debt and, on balance, made noticeably less profit. Analysts from Baader speak of an operating result “in line with expectations”. At EUR 1.50, the proposed dividend is above average expectations.

There was also a positive movement in the shares of Do & Co, which increased by 2.3 percent to 122.40 euros. In the morning there was an increase of over six percent at times. The experts from Berenberg Bank raised the price target for the shares in the catering company significantly from 60 to 150 euros. The “buy” recommendation remained.

Frequentis, whose shares increased by 4.6 percent, and AT&S, which rose by 2.8 percent, also went up significantly.

There were losses in the shares of EVN, which fell by one percent. The Lower Austrian supplier has announced price reductions.

UNIQA-Versicherung in Vienna fell by 0.1 percent. The company has a new chairman of the supervisory board: Burkhard Gantenbein succeeds Walter Rothensteiner, who held this position for eleven years and has now reached retirement age.

Most of the heavyweight banks closed higher. Raiffeisen International (RBI) and Bawag gained 0.2 and 0.4 percent. As in the morning, Erste Group shares were down 0.6 percent.

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Market observers spoke of caution before the important interest rate decisions by the European Central Bank (ECB) and the US Federal Reserve in the coming week. ECB representatives were rather hawkish on Wednesday – including the head of the Dutch central bank, Klaas Knot. “Inflation could remain too high for a long time and further interest rate hikes will then be necessary,” said Knot in the Dutch parliament in The Hague. ECB Executive Board member Isabel Schnabel had previously emphasized that there was still a lot to be done in the fight against inflation.

Economic data also caused uncertainty. As was announced in the morning, exports in China in May fell by 7.5 percent in US dollars compared to the same period last year, as reported by the customs administration in Beijing. German industry then slightly expanded its production at the beginning of the second quarter. Total production rose by 0.3 percent in April compared to the previous month, as reported by the Federal Statistical Office. However, the economists surveyed had assumed an increase of 0.6 percent./spo/sto/APA/jha

2023-06-07 17:52:29
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