After a lower start of trading, Vienna’s leading index turned positive in the morning, but weakening economic data then put more pressure on sentiment and caused the ATX to slide back into negative territory. The European stock exchange environment made a similar move.
Purchasing manager data from France, Germany and the euro zone, which remained below expectations, had a negative impact. Given the numbers, hopes of a rapid economic recovery are likely to have weakened somewhat. “Overall, the data indicate that the strong rebound between May and June is now slowing and a V-recovery of the economy is therefore less likely,” writes David Iusow of IG Trading.
On the other hand, there are subtle signs of economic easing in the Voestalpine. That is why the company wants to restart its third blast furnace in Linz, which was temporarily shut down, at the beginning of September. The shares of the steel company closed 1.11 percent lower.
In addition, there was hardly any stimulating news in Vienna – the news situation remained thin, the reporting season took a breather, only analysts’ voices caused some movement in individual values.
Erste Group had the target price for the shares of Semperit raised from 13.5 to 17.7 euros and confirmed the “Hold” recommendation. The shares ended trading 4.37 percent higher to 16.70 euros and thus at their daily high.
Also closed more tightly Wienerberger and climbed 4.03 percent to 22.72 euros. Erste analysts had upgraded their rating from “Hold” to “Accumulate” and set the price target at EUR 24.80. Verbund increased by 1.45 percent to EUR 44.78. Erste Group confirmed its “Reduce” investment rating and lowered its price target from EUR 46.0 to EUR 41.2.
FACC went into the weekend with the biggest loss for the day, losing 3.24 percent to 5.37 euros. The company had presented figures for the first half of 2020 the day before and reported a drop in sales of more than a quarter and a loss of 41 million euros. The Baader Bank in response, confirmed its “Reduce” investment vote for the paper, and the price target was set at EUR 6.00.
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