Development of the HeidelbergCement Share compared to MSCI Construction Materials Index and DAX in 2015
Index (Base: 31 December 2014=100)
After closing at €58.81 at the end of 2014, the HeidelbergCement share recorded its annual low of €56.95 on 6 January 2015. The share price rose noticeably over the next few months, driven by a significant easing of the monetary policy of the European Central Bank (ECB), the low oil price, and the positive outlook for the US economy. Moreover, the share price was supported by our strong results in the first quarter and the confirmation of the positive outlook for 2015. As a result, the HeidelbergCement share reached its annual peak at €77.04 on 21 May 2015.
Towards the middle of the year, insecurity in the capital markets increased considerably. The contributing factors included both the weakening economy in China and uncertainty about the future of Greece in the euro zone, as well as the sanctions against Russia. During the third quarter, concerns about weaker growth in the emerging countries and the expected interest rate rise by the US Federal Reserve caused a significant drop in prices on the capital markets. Our share price also fell until the end of September.
In the fourth quarter, however, our share price experienced an increasing recovery. Compared with the DAX and the MSCI World Construction Materials Index, it rose much more strongly in the last few months of the year. Our share price was supported, among other things, by the sustained positive economic data from the USA and our good results in the third quarter. Furthermore, the increase in our synergy targets as part of the takeover of the Italian company Italcementi had a positive impact on the development of the share price. The HeidelbergCement share closed at €75.62 at the end of the year. This represented an increase of 28.6% in 2015. At 9.6%, the DAX recorded markedly lower growth in comparison. The worldwide sector index MSCI World Construction Materials Index closed the year with a plus of only 1.1 %. At the end of 2015, HeidelbergCement’s market capitalisation amounted to €14.2 billion, thereby significantly exceeding the previous year’s value of €11.1 billion.