Shares and Bonds

New direction for shares of Volkswagen AG

2009 was another very eventful year for the shareholders of Volkswagen AG. The first steps toward the creation of an integrated automotive group with Porsche were of particular importance for the performance of the share price, which diverged for ordinary and preferred shares.


The international equity markets performed significantly better for investors in 2009 than could have been predicted at the beginning of the year. At first, the previous year’s downward trend triggered by the global financial and economic crisis continued into the first quarter. As a result, the DAX initially fell to well below the 4,000 points mark.

In the second quarter, the international equity markets recovered from their lows. Among other things, the strong growth was due to corporate results that exceeded market expectations. In addition, leading indicators increasingly pointed to a bottoming of the economic situation, raising hopes that the business activities of companies around the globe would soon stabilize. From the middle of June – after the DAX had exceeded 5,000 points again – the markets retreated once more for a while. In the third and fourth quarters, finally, a more upbeat mood emerged and spread among the market players. Significant improvements in economic indicators and company forecasts suggested that the recession was coming to an end and business activities of companies around the globe could pick up again. Overall, share prices responded by rising significantly for the rest of the year, apart from a few corrections.

At the end of 2009, the DAX had reached 5,957 points, a year-on-year increase of 23.8%. On December 31, 2009, the DJ Euro STOXX Automobile closed at 232 points, 17.4% higher than at the end of 2008.

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