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Overall, markets appeared to be decoupled from uncertainty factors at the end of the week. These remain diverse: the growing number of new corona infections, associated new restrictions in some countries, fears resulting from a new lockdown, and a further weakening of the economy. Also, the uncertainties about the US presidential elections and the possibility of a hard Brexit.
British Prime Minister Boris Johnson promised his country on Friday that he would prepare for a tough break with the EU. A deal can only be reached if the EU moves closer to London. The signals from the heads of state and government at the EU summit sounded “not very encouraging”.
Economic data from the US was largely positive and supported the markets a bit. US industry, for example, cut production in September, while economists expected growth. However, the recovery of US retailers is taking unexpected big steps and the data here beat expectations. The sentiment of American consumers has also surprisingly improved.
In Vienna, company reports were still rare. However, the voices of some analysts caused strong movements in individual stocks. Bawag closed 3.46 percent firmer at 32.90 euros. Credit Suisse called the shares “Outperform” and set the target price at 45 euros.
With a premium of 4.38 percent at 22.65 euros, Semperit took the lead among the price winners on the Prime Market. Erste Group had upgraded the shares from “Hold” to “Accumulate” and raised the target price from 17.7 to 26.5 euros. The company was riding “on the wave of the coronavirus,” it said in the analysis.
Erste Group shares started the weekend up 1.42 percent. It emerged that Gerda Holzinger-Burgstaller will be CEO of Erste Bank Oesterreich as of January 1, 2021. The manager was previously responsible for finance and risks on the board of directors. The night before, the bank had also announced that it wanted to pay a dividend for 2019. The supervisory board will propose a distribution of 0.75 euros per share.
Immo securities were under pressure to sell. Immofinanz fell 2.05 percent, UBM closed 1.64 percent less. CA Immo posted a 1.12 percent drop. s Immo had to accept a small difference of 0.13 percent.
