ATX gains 0.8 percent – Verbund, Raiffeisen strongly sought after
The Vienna Stock Exchange closed with profits on Friday. The ATX rose 0.78 percent to 2,598.96 points. The ATX Prime gained 0.77 percent to 1,323.61 points. The end of the week was largely calm.
There was hardly any important news, and the window day in the USA is also likely to have been reflected in lower activity on Europe’s stock exchanges. However, the stock exchanges were further supported by the prospect of corona vaccines that may soon be available.
Verbund was well sought after on Friday and found itself at the top of the prime market with a plus of 5.26 percent to 59.00 euros. There was also good demand for a price target increase in Raiffeisen Bank International (plus 2.70 percent to 16.76 euros). The analysts at Goldman Sachs recently raised their price target for RBI shares in an industry study from 17.0 to 17.9 euros and reaffirmed their “neutral” rating.
The Goldman analysts have also updated their forecasts for some other bank stocks. The price target for Erste Group was increased from 27.7 to 29.8 euros, that for Addiko from 12.1 to 13.1 euros. The “buy” recommendation for both stocks was confirmed. On the stock exchange, Addiko gained 1.97 percent to EUR 9.84 on Friday. Erste Group rose by 0.85 percent to EUR 24.98.
UBM shares gained 0.86 percent to 35.20 euros after a target price increase. The analysts at Warburg Research have revised their price target for the real estate developer’s shares upwards slightly from EUR 47.0 to EUR 48.5. The “Buy” recommendation was confirmed.
The biggest losers were FACC and Porr with a loss of 2.48 percent each. Porr shares had already lost more than two percent the day before after the results were reported. Some real estate stocks such as CA Immo (minus 2.17 percent) were also among the bigger losers.
Marinomed Biotech AG announces clinical trial at Swansea University to investigate the effectiveness of Carragelose in preventing COVID-19 infections
SARS-CoV-2 prevention study in the UK with 480 doctors and nurses is scheduled to start in early December.
VIG buys Aegon’s Eastern European business for EUR 830 million
Market position in Central and Eastern Europe is expanded – first active in life business in Turkey
The Vienna Insurance Group (VIG) buys the Central and Eastern European business of the Dutch insurer Aegon. The listed company announced this in a broadcast on Sunday morning. The purchase price amounts to 830 million euros, the closing of the transaction is expected in the second half of 2021.
Aegon’s insurance business in Hungary, Poland, Romania and Turkey is acquired. In these countries, VIG is taking over the insurance companies in the non-life and life sectors, as well as pension funds, asset management and service companies from Aegon. The purchase is subject to the necessary regulatory and competition approvals.
“With the acquisition of these companies, VIG is expanding its leading market position in Central and Eastern Europe and is becoming number 1 in the insurance market in Hungary,” the broadcast said. In addition, VIG is expanding its area of activity in this region in the pension fund business and will also be active in the life business in Turkey for the first time.
The premium volume of the insurance companies in the four countries amounted to the equivalent of around EUR 600 million in 2019, with a net result of around EUR 50 million. From today’s perspective, VIG assumes that the regulatory solvency ratio at closing will be within the communicated comfort zone of 170 to 230 percent.
Stocks on the radar:Semperit, FACC, DO&CO, Warimpex, Agrana, Telekom Austria, Austrian post, Erste Group, AT&S, Athos real estate, Addiko Bank, Andritz, Wienerberger, Strabag, Rosenbauer, OMV, AMS, Cleen Energy, startup300, Composite, SW environmental technology, Rather S, Varta AG, HelloFresh, EVN.
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