High interest rates, persistent inflation and geopolitical tensions left their mark on the European stock markets in 2023. While the unfavourable conditions weighed on trading activity, the Vienna Stock Exchange registered a record year for bond listings. With AUSTRIACARD HOLDINGS AG and EuroTeleSites AG there were two new entries in the top segment prime market. The direct market plus for SMEs also grew with the listing of RWT AG. In addition, four companies – Wolford AG, BKS Bank AG, Lenzing AG and Kapsch TrafficCom AG – undertook a capital increase to raise equity.

“The year 2023 must be viewed from two perspectives. On the one hand, challenging economic conditions had a negative impact on companies and investors and therefore on trading activity. On the other hand, we were able to continue our plans unabated in the custody business in Prague, in IT services, in the data business and in bond listings. The overall result will therefore match that of the past two record years,” summarises Christoph Boschan, CEO of the Vienna Stock Exchange.

Share turnover: Breather after years of extraordinary volatility

After the exceptionally high trading activity caused by the Covid-19 pandemic and the outbreak of the Russia-Ukraine war in the past two years, the markets have been less volatile this year. Share turnover of EUR 54.6 billion is forecast for 2023. The three strongest trading days in 2023 were 15 December (EUR 651.2 million), 17 March (EUR 640.3 million) and 15 September (EUR 618.4 million). As of 21 December, the shares with the highest turnover were Erste Group Bank AG (EUR 9.7 billion), OMV AG (EUR 7.9 billion) and Verbund AG (EUR 4.9 billion). The year 2023 comprised 254 trading days; in the coming year 2024, trading in Vienna will again take place on 254 days. The official trading calendar is available online.

With Barclays Bank Ireland PLC, the Vienna Stock Exchange has gained a new trading member. A total of 69 members, including 21 Austrian and 48 international banks and investment firms, are currently admitted to trading on the Vienna Stock Exchange. The international trading members generate around 86% of the share turnover in Vienna. A large proportion of turnover comes from Germany (48.7%), France (21%) and Ireland (10.9%).

Bonds: Previous record year of 2021 surpassed

With a record year, the Vienna MTF strengthened its leading role among the exchange-regulated markets in Europe. In 2023, over 8,000 new bonds were issued on the Vienna Stock Exchange, significantly more than the previous record of 7,082 in 2021. In addition, the Vienna ESG segment for sustainable bonds exceeded the mark of 100 listings for the first time. The Vienna Stock Exchange serves a total of 900 active bond issuers from 37 countries.

ATX Total Return gains more than 14 per cent over the year

The ATX Total Return (including dividends) gained 14.74% over the course of the year and closed at 7,569.56 points on 28 December (ATX excluding dividends +9.20%, 3,414.06 points). The ongoing war in Ukraine led to restraint on the part of international investors and thus dampening share price performance. This was particularly noticeable for Austrian companies due to their strong network in Central and Eastern Europe.

As of 21 December, the top performing ATX stocks in 2023 were Immofinanz AG (75.99%), EVN AG (67.75%) and Telekom Austria AG (52.98%). At this point, the market capitalisation of all companies listed in Vienna amounted to EUR 124.9 billion.

“The war-related caution of international – especially US – investors has affected the entire European stock market. Austrian companies have felt this disproportionately due to their pronounced business activities in the CEE region. However, this also presents an opportunity, as Central and Eastern Europe remains a reliable growth region from which Austria’s leading companies will continue to benefit directly in the future,” says Boschan.

Source: Vienna Stock Exchange