Wall Street is ultimately a little easier – ATX closes in positive territory – DAX ends trading lower after another record high – positive signs predominate in Asia | 12/29/20

Investors held back on the US stock exchanges. The domestic market was slightly higher in Tuesday trade. The German leading index was in the red after another record high. The majority of the markets in the Far East were profitable.

AUSTRIA

The Viennese trade was characterized by profits on Tuesday.

The ATX was already listed in the plus shortly after the start of trading and then also rose. At the end of the trading day, the leading index was still showing gains of 0.60 percent to 2,778.23 points.

Market observers mainly referred to the good US guidelines. The signature of US President Trump on another multi-billion dollar corona stimulus package had brought Wall Street new record highs the night before. The most important US stock market indices reached new highs.

As expected, the number of reports on domestic companies remained thin between the holidays. There was also no stronger stimulus from the economic side.

GERMANY

Investors in Germany held back on Tuesday.

The leading German index DAX started a little harder and then kept its plus signs. At times it reached a new record high at 13,903.11 points. In the afternoon, however, he changed the sign and was listed in the red, where he also ended trading 0.21 percent lower at 13,761.38 points.

On Monday, the DAX managed to jump over 13,800 points for the first time in its history, after major uncertainties had previously been cleared out of the way with the Brexit trade pact and the US Corona aid package. Tailwind for the stock market came from the Asian stock exchanges, some of which closed significantly in positive territory.

In Asia, too, it was seen as positive that the US House of Representatives had voted for an increase in Corona aid payments to citizens. However, it is questionable whether the move will also get the approval of the Senate, which is dominated by the Republicans. The Republicans there had repeatedly spoken out against a more generous stimulus package.

Nevertheless, investors’ willingness to buy shares remained high for the time being, said comdirect market expert Andreas Lipkow. Further investor money also poured into European and thus German stocks. “The stock market year 2020 can definitely be seen from this aspect,” the expert summed up.

WALL STREET

After the record highs from the previous day, Wall Street trading was marked by slight bumps on Tuesday.

The Dow Jones started the day a little higher, but moved more easily over the course of the day. With 30,588.79 positions it has meanwhile marked a new record high. From the trade it was ultimately with a small minus of 0.22 percent to 30,335.67 units.

Also the NASDAQ Composite ultimately fell 0.38 percent to 12,850.22 positions. It had risen at the opening and soon after the start of trading, it cracked the record high of 12,973.33 points.

After new price records on Tuesday in early trading, the rally on the US stock exchanges lost momentum. Speculation about an even bigger corona stimulus package in the USA had initially fueled the record hunt once again.

ASIA

On Tuesday things were mainly uphill in Asia.

The leading Japanese index Nikkei was ultimately able to gain 2.66 percent to 27,568.15 points, after having climbed to the highest level in around 30 years at 27,602.52 points.

In mainland China it went for the Shanghai Composite meanwhile a slight 0.54 percent to 3,379.04 points. The Hang Seng in Hong Kong, meanwhile, posted a premium of 0.96 percent to 26,568.49 units.

After the latest records on Wall Street and elsewhere, the Japanese Nikkei 225 index climbed to its highest level in around 30 years on Tuesday. On the Chinese stock exchanges, on the other hand, the price development was inconsistent: while the trading venues on the mainland fell, things were clearly up in Hong Kong.
At the beginning of the week, investors around the world celebrated the decision of US President Donald Trump to give up his opposition to a corona stimulus package of around USD 900 billion passed by Congress with a bipartisan majority: All the major stock indices on Wall Street and also the German DAX reached record levels.

Finanzen.at / APA / Dow Jones Newswires / dpa-AFX

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ATX trends: OMV, SBO, Bawag, Erste, RBI, Mayr-Melnhof, Vienna Airport …

The Vienna Stock Exchange posted clear premiums on Wednesday. The Austrian leading index ATX rose by 1.31 percent to 2,669.98 points. After even more significant ATX gains of almost two percent, the record hunt on Wall Street, which has now been halted, also caused price gains on the European stock exchanges to melt away somewhat.
In the absence of any fundamental economic news, the international focus was on the EU’s Brexit negotiations with Great Britain, which remained open-ended. On the other hand, according to media reports, there is a concrete proposal for a solution to the dispute over the blockade of the EU budget by Poland and Hungary.
The reporting situation on the company side was very thin on the domestic market. The analysts from Berenberg Bank came up with new assessments of Verbund and OMV. The securities experts have revised their price target for the shares of the domestic utility Verbund upwards from 40.00 to 68.00 euros. In addition, the “Buy” recommendation was reaffirmed. The Verbund titles gained 1.4 percent to EUR 59.70. The analysts at Berenberg Bank have also confirmed their “Buy” rating for OMV. At the same time, the target price for the shares of the domestic oil and gas company was adjusted upwards from EUR 34.0 to EUR 38.0. OMV shares reacted with a significant increase of 2.2 percent to 32.84 euros.

The OMV subsidiary Borealis expects a “decent” fourth quarter, it was also announced. Already in the third quarter things went “steeply up”, said company boss Alfred Stern in the “Kurier”.

The heavily weighted banks showed consistently positive signs. Erste Group’s shareholders posted a gain of 1.8 percent. BAWAG prices rose by 1.0 percent and Raiffeisen Bank International saw an increase of 1.2 percent.

On the other hand, there was a price weakness at Schoeller-Bleckmann. The title of the Lower Austrian oil field supplier slipped 3.5 percent lower. In the real estate sector, s Immo was 2.3 percent cheaper.

Corporate news

Mayr-Melnhof

The Mayr-Melnhof Group has reached an agreement to acquire Kotkamills Group Oyj (“Kotkamills”) from the previous owners for an enterprise value of around € 425 million; this corresponds to approximately 7.8 times the EBITDA of the last twelve months. With the takeover of Kotkamills, MM Karton will expand its position in the attractive market for virgin fiber board (FBB) and Food Service Board (FSB) and complement its established market position for recycled board. The planned transaction will have an immediate impact on earnings. Kotkamills employs around 500 people and in the last twelve months achieved an EBITDA of around € 55 million on sales of around € 380 million. The purchase price is financed from committed credit lines. The transaction is subject to customary closing conditions and the approval of the regulatory authorities. The transaction is expected to close in mid-2021.

Vienna Airport

Vienna Airport presented its traffic results for November 2020 today. The Covid 19 pandemic continues to have a massive impact on aviation: In November 2020, the number of passengers at the Flughafen Wien Group (Vienna Airport, Malta Airport and Kosice Airport) was 222,554 Travelers by 92.3% below the figures for November 2019. The Vienna Airport location recorded a decrease of 92.4% to 181,115 travelers. Cumulative from January to November 2020, the number of passengers at Vienna Airport fell by 74.0% to 7,586,101 travelers.

(10.12.2020)



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Stocks on the radar:Marinomed Biotech, EVN, Polytec Group, Frequentis, Rather S, Warimpex, Mayr-Melnhof, Telekom Austria, Addiko Bank, AMS, FACC, Josef Manner & Comp. AG, Pierer Mobility AG, Zumtobel, Oberbank AG trunk.


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Börse Express – analysts on Vienna Airport, Marinomed, Palfinger and Vienna Insurance Group

Hauck & Aufhäuser confirms the Buy recommendation for Palfinger – and increases the target price from EUR 34.0 to EUR 35.0. Last closing price: 20.35 euros – average target price: 23.45 euros. Last closing price: 20.35 euros – average target price: 27.06 euros.

HSBC confirms the Reduce recommendation for Vienna Airport – and increases its target price from EUR 30.0 to EUR 23.0. Last closing price: EUR 26.85 – average target price: EUR 23.45.

HSBC is resuming the suspended recommendation for Vienna Insurance Group with a hold – and names 21.2 euros as a target price. Last closing price: 20.35 euros – average target price: 23.45 euros.

FMR Research confirms the Buy recommendation for Marinomed – and increases the target price from EUR 129.0 to EUR 134.0. Last closing price: 118.0 euros – average short term: 134.85 euros.

(Bloomberg/red)

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Börse Express – Oil prices inconsistent

Oil prices initially did not find a clear direction on Friday. In the morning, a barrel (159 liters) of North Sea Brent cost $ 47.81. That was two cents more than at the close of trading the previous day. The price for a barrel of the US West Texas Intermediate (WTI), however, fell by 70 cents to 45.01 dollars.

Most recently, oil prices have fallen again after reaching their highest level since the first Corona wave in spring during the week. The prospect of virus vaccines soon available is providing a boost to the oil market. The hope is that restrictions to contain the pandemic could then be removed, which would benefit the economy and increase oil consumption. Rapid and widespread vaccinations are unlikely, however.

In this situation, the major oil-producing countries will have to decide on their production policy at the beginning of next week. It is expected that the Opec + oil network, contrary to the previous plan, will not increase its production at the beginning of 2021, but will instead continue existing production limits. In this way, the association would react to the short-term economic dampener as a result of the current virus wave./bgf/mis

AXC0071 2020-11-27/08:00

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ATX starts the weekend stable – DAX closes on a friendly basis – US stock market ends more easily – Asian stock exchanges ultimately mixed | 11/20/20

On the domestic stock market, investors held back before the weekend, whereas they took hold of the German stock exchanges. Wall Street traders were reluctant on Friday. The Asian stock exchanges had meanwhile continued the inconsistent development on Thursday.

AUSTRIA

The Vienna Stock Exchange presented itself virtually unchanged before the weekend.

The ATX had already been clearly in the plus in the morning and then stayed in the profit zone for a long time. In the afternoon, however, the mood clouded a little and the leading index ended Friday trading a minimal 0.01 percent lower at 2,502.67 points.

In the afternoon there was again good news about a corona vaccine. BioNTech and the US pharmaceutical giant Pfizer have applied for emergency approval for their corona vaccine with the US Food and Drug Administration. Shipment of the vaccine, called BNT162b2, could begin later this year if approved. However, even after the vaccines have been approved, it will still be some time before enough people have actually been vaccinated.

Two vaccines against the novel corona virus could also be approved in Europe this year, it became known in the morning. “If everything goes without problems”, the vaccine candidates from Pfizer / BioNtech and Moderna could receive conditional marketing approval “in the second half of December 2020”, said EU Commission President Ursula von der Leyen.

These positive developments in the area of ​​an effective vaccine were contrasted with increasing numbers of new infections, lockdowns and an economic slowdown worldwide. In addition, US Treasury Secretary Steven Mnuchin caused uncertainty because, contrary to the recommendations of the Federal Reserve, he announced the end of some billion dollar Corona aid programs.

GERMANY

Before the weekend, investors in Germany grabbed something.

The leading German index DAX was able to shake off his initial losses, but the momentum was limited. Ultimately, the leading German index went 0.39 percent higher at 13,137.25 points into the weekend.

For days, investors have not been able to make a clear decision between worries about the effects of high numbers of corona infections and the hope that several vaccines against the virus will soon be available. The number of new COVID-19 infections in Germany continued to rise. The Robert Koch Institute reported 23,648 new corona infections – a high. The previous peak had been reached a week ago.

“Investors now want more than just success stories about a vaccine. Theoretical and practical benefits are currently being weighed in gold,” commented market expert Timo Emden from Emden Research. The vaccine euphoria of the previous week is now clouded by logistical challenges and questions about effectiveness. With a view to the weekend, investors could also realize a few profits, believes Emden.

From a company perspective, the news situation was rather thin. The agenda showed that corporate reporting season is almost over.

WALL STREET

Wall Street investors kept their feet still at the end of a turbulent week.

The Dow Jones entered Friday trading at a small discount and continued to decline. The US leading index closed 0.75 percent easier at 29,263.28 points. The NASDAQ Composite also had to accept a minus of 0.42 percent to 11,854.97 points after it had already started a little lower.

Investors continued to act between corona worries and vaccine optimism, even after Pfizer and BioNTech have now submitted an application for emergency approval for their vaccine to the US health authorities and are fueling hopes that, if the case is favorable, it will come onto the market this year could.

“We’re seeing negative things in the short term,” said Paul Jackson, investment expert at Invesco, summarizing that in the course of the week so far there have been various reports of lockdowns or tightened measures to contain the pandemic in Europe and some US states. “The markets are busy trying to reconcile this with the longer-term positive news around a vaccine,” he explains the current market forces.

Jackson expects an up and down in the coming months. After that, a vaccine and the opening of the economy should lead to a rally.

The numbers on the corona front in the USA meanwhile showed a deterioration in every respect, for example among the newly infected, which was almost 188,000 on Thursday, 10,000 more than the previous day.

The fact that the chances of a corona aid package from the US government have apparently increased again provided a glimmer of hope. After investors had recently written off this, Senate majority leader Mitch McConnell has now agreed to restart negotiations. The US Federal Reserve has long been calling for more government support during the crisis.

Less well received was that US Treasury Secretary Steven Mnuchin refused to extend several emergency loan programs set up jointly with the US Federal Reserve (Fed), which are due to expire on December 31.

ASIA

On Friday, the major stock exchanges in Asia showed no consistent trend.

The leading Japanese index Nikkei closed with a loss of 0.42 percent at 25,527.37 units – the third day in a row with losses. The infection numbers in Japan had reached new highs.

In mainland China, on the other hand, it rose Shanghai Composite by the end of trading by 0.44 percent to 3,377.73 points. In Hong Kong the Hang Seng meanwhile, 0.36 percent to 26,451.54 counters.

Investors were caught in the tension between new lockdown measures – also in Asia – in the corona pandemic on the one hand and hopes that an economic stimulus package would come about in the USA on the other. There, Democrats and Republicans in Congress seemed to be converging again in view of the high Corona numbers. However, a new dispute has broken out between the administration of incumbent US President Donald Trump and the US Federal Reserve over the need for pandemic aid.

However, the meeting was dominated by the corona crisis. The prime ministers in Japan and South Korea urged vigilance to curb the spread of the corona virus. Traders therefore described trading as characterized by short-term concerns and long-term opportunities.

Finanzen.at / APA / Dow Jones Newswires / dpa-AFX

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ATX gives in a little, Do & Co by numbers very firmly

19.11.2020

The ATX lost -0.33% on Thursday to 2502.97 points. The ATX is now year-to-date 21,46% in the minus. There have been so far 105 Winning days and 121 Loss days. Missing out on the annual high 22,49%, from the low one is 53,48% away. The statistically best weekday in 2020 is Tuesday with 0.42%, the weakest is the Thursday with -0.54%.

The currently longest series: Composite with 5 days plus in a row (performance: 3.42%) – the longest series this year: In fact, CA 11 Days (Performance: 20.17%).

The ATX hourly development on Thursday: In the opening hour until 8 a.m. at -0.65 weaker to 2494.9 points, then 2493.9 (9 a.m.), 2496.9 (10 a.m.), 2496.9 (11 a.m.), 2497.9 (12 p.m.), 2501.9 (1 p.m.), 2498.9 (2 p.m.), 2505.9 (3 p.m.) and finally the end at +0.04 percent with 2506.9 points. This resulted in a daily performance of -0.33%, the 123rd best of 226 trading days in terms of performance.

See also https://www.wikifolio.com/de/de/w/wfdrastil1.

This is the 104th worst trading day (in percentage terms) this year.

The winner of the day was on Thursday DO&CO with 7.77% to 44.40 (226% normal daily sales, 1-week performance 9.63%) AT&S with 3.81% to 19.64 (99% vol .; 1W 6.28%) and Uniqa with 2.91% to 6.02 (189% vol .; 1W 10.46%). The losers of the day: Rather S with -2.46% to 15.86 (80% normal daily sales, 1-week performance 4.07%), Wienerberger with -2.01% to 24.40 (96% vol .; 1W -0.65%), Andritz with -1.80% to 33.88 (127% vol .; 1W -0.35%)

Had the highest daily sales Erste Group (41.86 Mio.), OMV (39.98) and Composite (22.97). There were upward sales outliers compared to the 2020 daily average DO&CO (226%), Uniqa (189%) and Composite (127%).

The best stock in the 1-month horizon is Erste Group with 32.92%, the best ytd is Composite with 25.17%. Tended the weakest Mayr-Melnhof with -2.55% (monthly view) and DO&CO with -48.31% (ytd).

Year-to-date as of the last closing price, Verbund was up 25.17% (previous year: 20.14 percent). Behind Mayr-Melnhof 21.24% (previous year: 8.73 percent), voestalpine 3.74% (previous year: -4.75 percent).
Worst YTD: DO&CO -48.31% (previous year: 6.31 percent), then SBO -44.43% (previous year: -12.29 percent), OMV -43.65% (previous year: 30.93 percent) .

Further highlights: Composite is now 5 days plus (3.42% increase from 54.15 to 56), as well Bawag 5 days plus (6.97% increase from 35.56 to 38.04), Wienerberger 3 days in the red (3.48% loss from 25.28 to 24.4), Austrian post 3 days in the red (2.09% loss from 28.7 to 28.1).

Stopped or rotated series: Erste Group -0.17% to 23.74, before that 5 days plus (9.94% increase from 21.63 to 23.78), OMV -0.77% to 28.22, before that 4 days plus (9.89% increase from 25.88 to 28.44), SBO -0.71% to 27.95, before that 4 days plus (10.61% increase from 25.45 to 28.15), Lenzing -0.56% to 71.2, before that 3 days plus (5.92% increase from 67.6 to 71.6), In fact, CA -0.35% to 28.75, before that 3 days plus (3.04% increase from 28 to 28.85),

ATX index performance over the last 5 days

19.11.: 2502,97 -0,33%
November 18: 2511.29 + 0.52% (2-day performance 0.19%)
November 17: 2498.30 + 0.58% (3-day performance 0.77%)
November 16: 2483.84 + 3.05% (4-day performance 3.85%)
11/13: 2410.27 + 0.82% (weekly performance 4.70%)
November 12: 2390.58 -0.65% (6-day performance 4.02%)

Top Flop

S Immo on November 18 5.04%, volume 95% normal days »details
SBO on November 18 3.68%, volume 77% normal days »Details

The following stocks are at the period high or low (ytd): Composite (56) with 25.17% ytd.

Farthest above the MA200: Lenzing 42,62%, Composite 28.23% and voestalpine 26,04%.
Most clearly under the MA 200: Immofinanz -10,63%, Austrian post -6.17% and Rather S -5,34%.

News about the companies (48h)

Here is the ATX-Universe (composition, performance, sales, statistics).

(this text was generated fully automatically from the BSNgine of the Börse Social Network)


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Wiener Börse – Rising equity turnover @ Vienna Stock Exchange: In April, trading volumes at the Vienna Stock Exchange grew by almost 30% year-on-year (April 2016: EUR 4.05 billion; April 2017: EUR 5.26 billion). Elections in France pushed the trading volume especially on Monday, April 24, showing a daily equity turnover of EUR 435 million. Year-to-date, the Vienna Stock Exchange recorded a 10.8% increase in trading volumes (Jan-Apr 2016: EUR 19.76 billion; Jan-Apr 2017: EUR 21.88 billion).
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Stocks on the radar:Semperit, Porn, FACC, Warimpex, Agrana, Mayr-Melnhof, Composite, Zumtobel, AT&S, DO&CO, EVN, Uniqa, voestalpine, Vienna Airport, Linz Textil Holding, Marinomed Biotech, SW environmental technology, Pierer Mobility AG, Cleen Energy.


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Börse Express – Analysts for Andritz, Mayr-Melnhof, Raiffeisen Bank International, Valneva, Varta and Verbund

Societe Generale confirms the Buy recommendation for Raiffeisen Bank International – and reduces its target price from EUR 20.0 to EUR 19.0. Last closing price: 15.05 euros – average target price: 18.02 euros.

Goldman Sachs re-rates Andritz with a Buy recommendation – and names EUR 41.0 as a target price. Last closing price: 33.74 euros – average target price: 38.25 euros.

Kepler Cheuvreux confirms the Buy recommendation for Mayr-Melnhof – and increases the target price from EUR 164.0 to EUR 166.0. Last closing price: 149.2 euros – average target price: 155.25 euros.

RCB confirms the hold recommendation – and increases its target price from EUR 150.0 to EUR 154.0.

Barclays confirms the recommendation equal to underweight for Verbund – and the target price from 44.0 to 43.0 euros. Last closing price: 54.2 euros – average target price: 44.83 euros.

First Berlin confirms the buy recommendation for Valneva – and reduces the target price from 9.1 to 8.4 euros. Now no longer the highest of all course targets. Last closing price: EUR 5.61 – average target price: EUR 7.31.

MM Warburg confirms Varta’s recommendation to sell – and increases its target price from EUR 80.0 to EUR 85.0. Also the lowest of all course targets. Last closing price: 114.8 euros – average target price: 119.6 euros.

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Börse Express – Analysts for EVN, Varta, Verbund and voestalpine

Commerzbank confirms the Reduce recommendation for voestalpine – and increases the target price from 14.0 to 22.0 euros. Now no longer the lowest of all course targets. Last closing price: 25.55 euros – average target price: 21.81 euros.

Wr. Privatbank confirms the recommendation to sell – and increases the price target from 18.2 to 20.0 euros.

Barclays reduced the recommendation of Equalweight to underweight for Verbund – and the target price from 44.0 to 43.0 euros. Last closing price: 54.15 euros – average target price: 44.83 euros.

RCB confirms the Buy recommendation for EVN – and increases its target price from 19.0 to 20.0 euros. Last closing price: 14.78 euros – average target price: 17.75 euros.

Commerzbank confirms the Hold recommendation for Varta – and reduces the target price from 125 to 115 euros. Last closing price: 115.5 euros – average target price: 119 euros.

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Börse Express – analysts on ams, Andritz, CA Immo, Immofinanz, Mayr-Melnhof, Polytec UBM, Wienerberger

Kepler Cheuvreux confirms the Hold recommendation for Andritz – and reduces the target price from EUR 34.0 to EUR 32.0. Last closing price: 32.58 euros – average target price: 38.16 euros.

On Field Inv. new rating Wienerberger with the recommendation neutral – and 24.0 euros as a target price. Last closing price: 23.96 euros – average target price: 25.84 euros.

Kepler Cheuvreux confirms the Buy recommendation for Immofinanz – and reduces the target price from EUR 20.0 to EUR 15.0. Last closing price: 13.45 euros – average target price: 19.16 euros.

Kepler Cheuvreux confirms the buy recommendation for CA Immo – and reduces the target price from 35.0 to 32.0 euros. Last closing price: EUR 26.85 – average target price: EUR 35.75.

RCB increases UBM’s recommendation from hold to buy – and reduces its target price from EUR 43.0 to EUR 39.0. Now the lowest of all course targets. Last closing price: 32.0 euros – average target price: 42.67 euros.

Kepler Cheuvreux confirms the Buy recommendation for Mayr-Melnhof – and increases the target price from EUR 158.0 to EUR 164.0. This sets the only highest price target to date. Last closing price: 13.45 euros – average target price: 19.16 euros.

RCB confirms the Buy recommendation for Polytec – and increases its target price from EUR 7.0 to EUR 8.0. Last closing price: 6.0 euros – average target price: 7.72 euros.

Kepler Cheuvreux confirms the Buy recommendation for ams – and increases the price target from CHF 27.0 to CHF 28.0. Last closing price: 22.24 CHF – average target price: 25.32 CHF.

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Börse Express – Vienna Stock Exchange (opening) – ATX slips into the red in the morning / Profits in bank stocks curb downward movement of the ATX – Still no decision in the US presidential election

The Vienna Stock Exchange showed slight price losses on Friday morning. The domestic lead index ATX turned negative after initial spikes and lost 0.34 percent to 2,168.53 units by 10:05 a.m., the ATX Prime fell 0.33 percent to 1,108.71 points. The five-day profit streak of the leading index seems to be coming to an end for the time being.

There is still no decision in the US presidential election, but everything points to a victory for Joe Biden. In the midst of the hangover over the outcome of the US election, the Federal Reserve is preparing the ground for new economic aid. It left the key interest rate in the range of zero to 0.25 percent on Thursday and at the same time kept the door open for new emergency aid in the corona pandemic.

In addition, worries about rising corona numbers are likely to lead to increasing uncertainty again. “The virus continues to spread unchecked in the USA,” writes Commerzbank. The numbers are also increasing in Europe, but there are initial signs that the spread of the virus is slowing, the experts continue.

In Vienna, the heavily weighted banks have ensured that the ATX decline has not been quite as severe so far. Erste Group was able to gain 1.17 percent, BAWAG rose by 1.10 percent and Raiffeisen Bank International only posted a small minus of 0.15 percent. From a sector perspective, construction stocks fell. Strabag lost 1.32 percent, at Porr the minus was 1.30 percent so far.

After submitting quarterly figures, Polytec moved into focus among the individual values. The loss of the auto supplier increased to 10.4 million euros after nine months, after a profit of 14.1 million euros in the same period last year. After initial losses, the shares remained unchanged at EUR 5.70.

Andritz slipped 3.70 percent to 30.18 euros. Commerzbank and Deutsche Bank have raised the price target for the stocks after the results were presented the day before from EUR 36 to EUR 38 and confirmed the “Buy” recommendation.

kat / mik

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