Performance of RWE shares compared with the DAX 30 and the Dow Jones STOXX Utilities Indices in %
International stock markets have been displaying a clear upward trend since March, following substantial declines in share prices caused by the financial and economic crises. The German lead index, DAX 30, gained 18 % to 5,675 points in the first three quarters of 2009. RWE shares also made up some lost ground. At the end of September, our common shares traded at € 63.47, while our preferred shares closed at € 56.27. This results in a total return (return on the share price plus the dividend) of 8 % and 15 %, respectively, for the first nine months of 2009. Therefore, RWE stock displayed a weaker performance than the DAX 30, but managed to outperform the European sector index, Dow Jones STOXX Utilities (+4 %).
At the beginning of the year, stock markets had been dominated by the economic crisis. Thereafter, positive economic indicators improved sentiment on stock markets considerably. Utility stocks benefited from this, albeit to a much lesser extent than cyclical industries. Lower electricity and gas prices, caused by the recession, had a dampening effect on them. After the period under review, the upturn on stock markets decelerated momentarily. The DAX closed the month of October at 5,415 points, with RWE common shares trading at € 59.70.