ATX closes 1.98 percent higher at 6,562.46 points

The ATX ended Monday's session on the Vienna Stock Exchange at 6,562.46 points, up 1.98 percent. Compared with Friday's close of 6,434.80 points, the Austrian benchmark recovered 127.66 points and began the new trading week with a substantial gain. The close and the market commentary were reported by dpa-AFX.

Broad recovery in Vienna

The advance followed two losing sessions at the end of the previous week, when a sell-off in US technology shares had weighed on European markets. According to dpa-AFX, demand for technology stocks, banks and construction companies helped lift the Vienna market on Monday. The broader ATX Prime also gained 1.92 percent to 3,219.75 points.

Technology and banks lead gains

AT&S benefited from renewed global demand for technology stocks and rose 5.29 percent after losing 3.99 percent on Friday. Bank shares were also among the strongest performers: BAWAG gained 3.13 percent, Raiffeisen Bank International advanced 4.36 percent and Erste Group increased 2.78 percent. BAWAG was supported by news that the European Central Bank had approved its planned acquisition of Permanent TSB Group Holdings; approval by the Irish High Court remained outstanding.

Construction stocks added to the positive breadth. Porr rose 3.92 percent, Strabag gained 3.16 percent and Wienerberger advanced 2.94 percent. Voestalpine increased 2.19 percent despite a report that it planned to cut 150 jobs at its Kindberg site in Styria because of an additional US tariff.

Lower oil prices ease pressure

Market sentiment also benefited from falling oil prices. Investors were reported to be hoping for a diplomatic solution to the conflict between the United States and Iran, which reduced concerns about energy supplies and inflation. The move was not uniform across the index: Verbund fell 2.13 percent, while Lenzing declined 0.34 percent after Deutsche Bank raised its price target but retained a Hold recommendation.

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