In 2011, stock markets experienced major fluctuations. After a good start to the year, March 2011 saw a significant decline in stock prices. This was triggered by the earthquake in Japan and the Fukushima nuclear disaster that followed. By early July, the markets had recovered from these events. But, then, a combination of high sovereign debt in several eurozone countries, the world economic slowdown and concerns about the fate of Europe’s common currency caused a substantial price decline on international stock markets. From October through December 2011, the indices regained some of the ground lost. But the key ones closed well below their prior-year levels on December 31, 2011.
WACKER’s stock performed solidly in this market environment until July 2011. Subsequently, though, it showed a much weaker trend than most other MDAX stocks. Photovoltaic-sector turbulence, semiconductor-market weakness and the reduction of our forecast led to a marked drop in WACKER’s stock price.