Positive Trend on Stock Exchanges: ATX Closes on an Upswing

Amidst a global mood of departure, the Vienna Stock Exchange closed Thursday with significant gains. The ATX recorded an increase of 0.86 percent and established itself at 3,483.75 points. A similar optimism also prevailed at major European trading centers as well as on Wall Street, where the investment climate proved to be increasingly positive. The prospect of interest rate cuts, which the Federal Reserve has hinted at, caused a stir in the USA. Market observers from Helaba could discern an increased expectation: the probability of a reduction in the US benchmark interest rate by 25 basis points in June now stands at a proud 84 percent. Furthermore, the Swiss National Bank (SNB) announced a realignment in its monetary policy. With an unexpected interest rate cut of 0.25 percentage points to now 1.50 percent, it is a pioneer among the major central banks in moving away from the tight monetary policy hitherto pursued in the fight against inflation. Investors' focus on the domestic market was on the corporate earnings of CA Immo and Porr. Despite good earnings figures, CA Immo had to report a loss of 224.5 million euros due to property devaluations. While rental income climbed by 8 percent to 231.4 million euros, the operating result almost doubled to 322.1 million euros. The shares of CA Immo remained stable in terms of share price. Erste Group rates the results as in line with expectations and therefore neutral. Meanwhile, Porr was able to significantly increase its profit last year. With 95 million euros, the net profit was 15 percent above that of the previous year. Production output increased by almost 6 percent and reached nearly 6.6 billion euros, while revenue grew by 4.5 percent to 6.1 billion euros. The Porr share recorded a plus of 2.8 percent, which Erste Group considers to be within expectations. An update was announced regarding Strabag: The reduction in the share of Oleg Deripaska, announced in the previous year, has been completed. With today's non-cash capital increase, the share of the Russian oligarch dropped below 25 percent. The Strabag share itself increased by 4.5 percent. In the shadow of these developments, Verbund's share price fell by 1.7 percent to 66.85 euros, while analysts from Deutsche Bank Research reiterated their sell recommendation. Technology stocks like AT&S and Lenzing, on the other hand, gained, as did Voestalpine and Erste Group. Raiffeisen Bank International, however, showed a slight cooling with a decline of 0.3 percent.