For global stock markets, the financial year 2009 was a year split in two: the first quarter was marked by the global economic downturn. Poor macroeconomic and financial data and bankruptcies even among larger companies shaved another more than 20 percent off Germany's DAX blue-chip index. On 6 March 2009, the index closed at a new 5-year low of 3,666.

The impact of concerted interventions by global central banks and governments prevented the financial crisis from spiralling out of control. Partial nationalisations in the financial sector and massive state guarantees contributed to the progressive stabilisation of global markets. This development was further supported by comprehensive fiscal stimulus programmes and targeted subsidies aimed at boosting consumption.

All of this resulted in a change of mood on global stock markets. Starting in April, share prices recovered noticeably across the globe. A spectacular rally took the DAX more than 60 percent higher between March and December 2009. On 29 December, the index closed at its year's high of 6,011. In the end, the DAX gained 23.8 percent over the year.

METRO AG's ordinary share was not immune to broad market developments during the reporting period. At the beginning of 2009, economic developments in Eastern Europe and the associated currency depreciation caused analysts and investors to view the Metro share more critically. The share fell by 27 percent over 2 months. Although the market reacted positively to the announcement of the efficiency and valueenhancing programme Shape 2012 on 20 January 2009, this provided only a temporary respite from the downward trend. Investors and analysts began to regain faith in METRO Group once the annual results for 2008 were presented at the end of March. Shape 2012 and METRO Group's strong market positions helped to restore market participants' confidence in the Company. Since then, Metro's share has uncoupled itself from the DAX and performed markedly better than Germany's leading index. With a gain of 49.0 percent, the Metro share ranked fifth among DAX members in 2009 and was thus able to recover part of the losses suffered in 2008.

The favourable performance of the Metro ordinary share is also confirmed by a comparison with the relevant retail index, Dow Jones Euro Stoxx Retail, which closed the year up 26.4 percent. While the index slightly outperformed the DAX, its performance clearly lagged behind the Metro share. The Metro share also performed markedly better than less risky assets. The German bond index REX, a proxy of German sovereign bonds with fixed coupons and remaining terms of 0.5 to 10.5 years, rose by just 1.6 percent in 2009. cbi:///cms/73268

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