voestalpine AG vs. the ATX and international indices
The voestalpine share succeeded in carrying the previous business year’s positive momentum into the first half of the business year 2017/18. Both macroeconomic factors and company-specific developments were key to this outcome. The fact that the intensifying isolationist stance of the United States was unable to act as a break on worldwide economic growth and that the growth prospects of Europe, in particular, but also those of China continued to improve was decisive at the macroeconomic level. Even massive geopolitical conflicts such as those between North Korea and the U.S. triggered but short-term setbacks in stock markets the world over. Aside from the favorable economic data, the European Central Bank’s easy-money policy continued to spur the positive development of the capital markets.
The Austrian stock market benefitted from catch-up effects relative to the major international stock exchanges, for one, and also from its geographic proximity to the countries of Eastern and Central Europe that are developing along a highly positive trajectory, for another. As regards the Group, the earnings figures for the first quarter of 2017/18, which surpassed analysts’ estimates, gave the voestalpine share an additional boost. This also raised the expectations of capital market players with respect to the Group’s earnings performance in the business year 2017/18.
Against this backdrop, the value of the voestalpine share rose by 15.5% in the first six months of 2017/18 from EUR 37.36 at the start of the business year to EUR 43.15 as of September 30, 2017. This means that, in percentage terms, the increase approximates that of the ATX but clearly surpasses that of the benchmark indices, STOXX Index Europe and Dow Jones.