The Vienna Stock Exchange looks back at an eventful year 2014. A weak performance of the leading index, ATX, contrasted with numerous highlights such as large capital increases, the successful public offering of FACC AG, a record-year in terms of new corporate bonds listings and heigh liquidity, i.e. an increase in trading volumes and number of transactions.
While overall developments were mostly successful and satisfactory, the performance of the ATX dropped by 15.18% as compared to year-end 2013. It was dragged down by two of the principal industries represented in the index (banks 24%; oil & gas 12%) that were negatively affected by the geopolitical crisis between the Ukraine and Russia and in the Middle East and also by the low oil prices at the end of the year. The high concentration of specific industries in the ATX is a reason for its relative underperformance as compared to international markets, but also in regard to broader domestic markets such as the ATX prime or the WBI. Other factors that – in addition to the geopolitical developments – had a negative impact on stock market performance in 2014 include earnings revisions at some of the ATX companies, one-off effects such as substantial allowances for depreciation but also ongoing worries about the weak economic development.