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136 Financial RepoRt ValoRa 2009 InfoRmatIon foR InVEstoRs ValoRa shaREs 1 sHArE PrICE TrENds Global equity markets. 2009 will go down in the annals of stock exchange history as a good and very pleasing year. While the Swiss Market Index advanced some 18%, it was outshone by the broader overall market, as measured by the Swiss Performance Index, which gained over 23%. The year was however marked by two quite distinct phases. In the wake of the global financial crisis and the overall economic downturn it went on to unleash, the two main Swiss equity market indices initially fell steeply, reaching lows 20% before their year-end 2008 levels by mid-March. The massive liquidity injections and economic stimulus programmes carried out across the globe then ushered in a strong recovery, which saw prices rising steadily for the next ten months. This upturn was lent further impetus by a general improvement in the economic climate and a more positive outlook for 2010. Valora share performance. At the beginning of 2009, Valora shares were trading at CHF 154.10. Measured over the entire year, they gained some 66%, closing at CHF 255.00 on December 31, 2009. Despite some fluctuations, Valora’s share price remained relatively stable during the initial market downturn, slipping 8% by mid March and reaching a 2009 low of CHF 138.50 on March 30, thus lagging its benchmarks somewhat. Valora’s publication of its 2008 results on April 2, 2009 marked the turning point for its share price, which went on to recover nearly 80%, helped along by positive assessments from the financial community. During this time, the shares also benefited from Valora’s consistent implementation of its new strategic plan and the encouraging interim results it published in August 2009. These factors enabled Valora shares to outperform the Swiss equity market’s two main benchmarks by 47% and 42% respectively. VAlorA sHArE PrICE TrENd 2009
VAlorA sHArE VolUME 2009 VAlorA sHArE PrICE TrENd 2005-2009 MoNTH HIGHs/loWs IN 2009 Financial RepoRt ValoRa 2009 InfoRmatIon foR InVEstoRs 137
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