- Equity trading volume in June 2015 up 60 % vs. June 2014
- ATX among best performing indices in Europe: + 11.65% YTD (incl. dividends + 13.38%)
- Political discussion over GREXIT generated higher volatility in 2Q
- New trading members on the Vienna Stock Exchange
(Vienna) In the first half-year of 2015 the stock prices of most companies listed on the Vienna Stock Exchange went up and trading volumes also increased. The leading Austrian index, ATX, gained 11.65% year-to-date, thus joining the top ranks of Europe's leading indices.
Higher equity trading volumes
Equity trading volumes on the Vienna Stock Exchange amounted to EUR 30.60 billion from January to June 2015. This corresponds to an increase of 24 % versus the same period of the previous year (01-06 2014: EUR 24.67 billion). Following the particularly lively turnover in March, trading activity remained strong in the subsequent months. The average monthly turnover in the first half-year was around EUR 5.1 billion, 28% higher than in the previous year (2014: EUR 3.98 billion). Rising prices were not the only factor driving up trading volumes - the number of exchange trades was also up this year from 38.8% (exchange trades executed: HY1 2014: 2.85 million; HY1 2015: 3.96 million). Austrian companies have raised a volume of EUR 195 million in fresh capital through capital increases in the first half of 2015.
Lively trading on the market is important for the Vienna Stock Exchange as a market operator. Birgit Kuras and Michael Buhl, members of the board of the Vienna Stock Exchange, are pleased with the developments of the first half-year 2015: “Higher trading volumes are indicative of significant investor interest in Austrian stocks. It is a good signal that trading has been developing so positively, especially since liquidity creates more liquidity, thus leading to a virtuous circle."
ATX among Europe’s top leading indices
In the course of the first half of the year, the Austrian leading index, the ATX, has risen by 11.65% to date and as of 30 June 2015 it stood at 2,411.77 points. The ATX Global Players Index, which tracks the price trends of 15 Austrian companies with business activities beyond Europe, even surpassed the ATX by four percent (year-to-date: + 15.83%). The all-year low of the ATX was on 14 January 2015 at 2,122.08 points, while the all-year high was reached on 15 May 2015 at 2,681.44 points. The rapid surge of the leading index was supported in the first quarter by the easing Russian-Ukrainian conflict and the lower oil price, as well as the depreciation of the euro. The political discussions over Greece’s insolvency created higher market volatility around the end of the second quarter and slowed the uptrend.
At a price rise of 42.50% since the start of the year, Zumtobel was the best performer followed by Erste Group Bank stocks, which are the highest-weighted stocks in the index, with 32.44% and Wienerberger with a gain of 23.24%. On the prime market, AT&S (+ 45.11%), Do & Co (+ 34.74%) and Palfinger (+ 30.54%) were the top performers among the non-ATX members. Of the 39 stocks traded on the prime market, only six companies have recorded negative performance to date. The stock market value of all companies listed on the Vienna Stock Exchange totalled EUR 87.73 billion on 30 June 2015.
Birgit Kuras said: “Attractive dividend yields averaging three percent make Austrian stocks appealing, in addition to the prospects of price gains considering current interest rate policies. Moreover, Austrian companies are benefiting from the current economic upturn in the CEE countries. The weak euro and the promising corporate earnings expectations are further factors that should more than offset concerns over Greece in the medium term.”
Three new international trading members acquired
One of Germany’s oldest traditional trading firms, Hauck & Aufhäuser Privatbankiers KGaA from Frankfurt am Main, joined the Vienna Stock Exchange as a new trading member as of today. The Vienna Stock Exchange acquired a total of three new trading members in the first half of the year. In May, Walter Ludwig Wertpapierhandels GmbH and March Société Générale S.A. with its branch in Madrid were admitted as members to the Vienna Stock Exchange. Trading on the Vienna Stock Exchange takes place among market participants admitted as members and these include national and international financial institutions. Ranked by country, most exchange members come from Austria (29), Great Britain (19), Germany (17) and France (5).
At the top of the ranking of trading members in 1HY 2014 was Morgan Stanley & Co with a share of 8.15% in total, trading ahead of the largest Austrian trading members Erste Group Bank AG (8.03%) and Raiffeisen Centrobank AG (7.67%). Fourth and fifth places are taken by Deutsche Bank AG (7.65%) and Merrill Lynch International (6.11%).
Starting with today’s trading session, the first market maker from the Netherlands will take part as a liquidity provider on the Vienna Stock Exchange. The trading member Flow Traders from Amsterdam and a further 17 market makers and specialists on the prime market will ensure additional liquidity. Thus, the number of liquidity mandates on the prime market continues at an all-time high of 272.
Michael Buhl stated: “The Vienna Stock Exchange is highly international. It provides investors from all over the world with access to Austrian listed companies, which include several hidden champions and world market leaders. Furthermore, we open the way to the markets of Central and Eastern Europe through our data lines and the numerous CEE indices we calculate. International trading members’ share of trading has risen over the past years and is currently over 80%."
About the Vienna Stock Exchange
The Vienna Stock Exchange is a 100% subsidiary of the CEE Stock Exchange Group (CEESEG) which includes the stock exchanges of Budapest, Ljubljana and Prague. The CEE Stock Exchange Group is the largest stock exchange group in the region. In addition to the four stock exchanges, CEESEG operates three commodity exchanges and holds stakes in five clearing systems (CCPs) and two central securities depositories (CSDs). CEESEG makes access to the local markets and trading easier with the aim of improving liquidity. The CEESEG stock exchanges cooperate with 12 exchanges in Central and Eastern Europe and are highly appreciated worldwide for their unique CEE know-how.