FRANKFURT (dpa-AFX) - For the MDax, the stock market year ended with a minus of 28.49 percent to 25,117.57 points. High inflation, hefty interest rate hikes by the major central banks, recession worries as well as the consequences of Russia's war against Ukraine and China's strict Corona policy until shortly before the end of the year left their mark on 2022. It was not until the end of the year that signs of declining inflationary pressure and China's U-turn on its Corona policy provided some relief: the mid-cap index still recovered by around 17 percent from the low for the year of 21,456 points reached in mid-October. The biggest MDax winners and losers of the year at a glance:

1. Rheinmetall +123.99 percent - The increase in defense budgets of Western countries as a result of Russia's attack on Ukraine is driving business for the defense contractor and automotive supplier. In the fall, the Düsseldorf-based company therefore also set itself higher financial targets for the medium term. By 2025, sales should have almost doubled compared to 2021. There should also be an upturn in profitability, so that net profit and dividends should also roughly double. However, not everything went smoothly. For example, serious problems with the Puma infantry fighting vehicle became known shortly before the end of the year.

2. Aixtron +50.92 percent - The high-tech equipment manufacturer for the chip industry is benefiting from megatrends such as electromobility, 5G mobile communications and the overall advance of digitalization. Aixtron machines are used to produce compound semiconductors. These silicon carbide and gallium nitride chips are smaller, more energy-efficient and more temperature-resistant than classic silicon chips. Large chip companies are currently investing a lot of money in the construction of new plants, as demand is expected to be high for many years. In addition, the USA and Europe are promoting the construction of chip factories in order to reduce dependence on China and Taiwan. Despite full order books, however, Aixtron has recently faced challenges. For example, shipments faltered due to a lack of export approvals from German authorities. This was due to an overload of the responsible offices, but probably also to a more critical view of officials on high-tech exports to certain countries. China in particular is likely to be in focus here.

3. Commerzbank +32.10 percent - Banks were among the few beneficiaries of the rise in interest rates in 2022, which is helpful for the traditional deposit and lending business. For 2022, the Frankfurt-based financial institution is targeting a profit of more than one billion euros, and a dividend is to be paid to shareholders. The rise in interest rates also gave CEO Manfred Knof a more positive outlook for the coming years back in the fall. The institute's earnings are expected to grow even more strongly than previously thought until 2024, although the majority of the additional income is likely to be used for higher costs.

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48th Hellofresh -69.60 percent - In the Corona pandemic, the cooking box supplier had become a darling of investors. Restaurants were closed, people were much more likely to cook for themselves and have ingredients delivered directly to their homes. In the meantime, however, there are hardly any restrictions in most countries, and restaurants are full again. At the same time, Hellofresh saw food and advertising costs rise. As a result, there is hardly anything left of the Corona share price gains. After rising more than 400 percent to 97.50 euros from the end of 2019 to November 2021, the share price has fallen back to 20.53 euros.

49th Kion -72.25 percent - The company was a long-time beneficiary of the Corona crisis. The rapid growth of online trading made customers invest a lot in the expansion as well as the automation of their warehouses and delivery processes. The boom now seems to be over for the time being. In addition, supply bottlenecks ranging from electronic chips to steel parts, as well as a sharp rise in costs for materials, energy and logistics, made life difficult for the forklift manufacturer and provider of supply chain solutions for long stretches in 2022.

50th TAG Immobilien -74.2 percent - The central banks' fight against high inflation is driving up interest rates, which is poison for real estate stocks. As a result, the valuations of real estate on companies' balance sheets are falling, refinancing is becoming more expensive and it is becoming more difficult to achieve one's own price expectations when selling portfolios. At the end of the year, the Stoxx Europe 600 Real Estate was down by around 40 percent, making it the weakest index in the European sector table./mis/la/jha/