Markets in the pandemic: Curious stock exchange year 2020: The biggest winners and losers in stocks, bonds and commodities | message
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by Thomas Strohm, uro am Sonntag
E.x major shareholder Kinnevik is likely to cause some pain: The best share in the German selection indices DAX, MDAX and SDAX was the online retailer Westwing last year. The furniture and furnishings store’s note increased by 831 percent. The Swedish investment holding sold its Westwing package after a long loss at the end of 2019 and, it is assumed, transferred it to the investment company Rocket Internet.
A web retailer at the top of the list of top performers on the German price list – that alone already characterizes 2020. The year of the stay-at-home winners really began with the first lockdown in spring, when online orders shot up. In the course of the pandemic, consumers got to know the web as a marketplace for products for which they had previously visited the local retailer. Mnchner Westwing is benefiting from this change, as is number 2 in the SDAX ranking, the online furniture retailer Home24. The internet trend created a number of top performers in 2020: In the DAX, the online food supplier Delivery Hero is at the top with an annual increase of 80 percent, in the MDAX the online mail order company Shop Apotheke, followed by the cooker box delivery service HelloFresh and the fashion retailer Zalando, occupy the top positions. And online payment processor Adyen made it to first place in the Stoxx 50.
When looking at the rankings of the major US indices, one name stands out in particular: Tesla. The share of the Electric car-Pioniers was the big winner on Wall Street and, after it was included in the index shortly before Christmas, ranks ahead in both the broad S&P 500 and the US technology exchange NASDAQ. Founder and boss pushed 612 percent plus Elon Musk among the top 3 richest people in the world. Typical pandemic: The vaccine developer Moderna occupies second place on the NASDAQ best list with an increase of around 460 percent.
Danish stocks, Italian bonds
In the leading indices of industrialized countries, the OMX Copenhagen 20 won the race – over 31 percent brought price gains and dividends in local currency. For comparison: the DAX only gained 3.55 percent in 2020. In the Danish index, pharmaceutical and biotech companies that performed well have a large share. Another factor that matters to euro investors is that the Danish krone is one of the few currencies that have gained ground against the euro.
The US S&P 500 index shows an increase of 18 percent in dollars, but because of the weak dollar, only an increase of nine percent remains in euros. Emerging market investments also suffered from depreciating currencies, as the currencies of emerging and frontier markets are shunned by investors in an uncertain environment. The 62 percent increase in the Nigerian stock index in local currency remains in euros with 36 percent.
While the returns possible with stocks can offset the currency effects, losses in foreign exchange tend to have an impact on bonds. In the bond rankings, which are therefore drawn up on a euro basis, the emerging markets take up the rear. Due to the influence of the ECB’s purchases on the bond markets, a portfolio of Italian government bonds with different maturities brought a return from price gains and interest of eight percent.
The pandemic made for a turbulent year on the raw materials markets. Ultimately, there was an ample annual plus due to the search for security in gold. The hope of the end of the Corona crisis and an economic upswing caused the prices of industrial metals to rise just as sharply as the prices of construction timber on the US futures markets.
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