Zurich Stock Exchange: the SMI reaches 11,600 points and ends at the highest of the day

Zurich Stock Exchange: the SMI reaches 11,600 points and ends at the highest of the day
Zurich Stock Exchange: the SMI reaches 11,600 points and ends at the highest of the day

Zurich (awp) – The Swiss stock market ended on a positive note on Wednesday. On the eve of the Ascension holiday, the SMI moved most of the time within a relatively narrow range of around thirty points. At the end, it accelerated and narrowly crossed the symbolic bar of 11,600 points, finishing at its highest of the day.

In New York, Wall Street was trading in disarray in the morning after opening in the red. Investors lacked conviction in a week poor in macroeconomic indicators and therefore conducive to consolidation. The market is in a waiting position, summarized Adam Sarhan of 50 Park Investments.

“This does not mean that there is a rush of selling, rather that the buying current has been exhausted,” added the analyst, in a note. He also recalled that the major indices remain close to the historic highs reached earlier this year.

The SMI ended up 0.78% at 11,602.21 points, the highest of the day and after an opening low of 11,542.78 points. The SLI gained 0.65% to 1895.05 points and the SPI 0.68% to 15,477.38 points. Of the 30 star stocks, 23 rose, five fell and Partners Group and SGS finished stable.

The banks UBS (-1.7%) and Julius Bär (-1.0%), as well as the good Lindt (-2.4%), the red lantern, are the biggest losers of the day.

The day before, the action of the three-key bank had soared through the debates with a gain of more than 7% in the wake of solid quarterly results.

This Wednesday, Deutsche Bank lowered its recommendation to “hold” from “buy” and slightly lowered the price target, highlighting ongoing geopolitical tensions and the timing and magnitude of interest rate cuts around the world. , which could prevent the establishment from repeating its success. RBC, Berenberg and CFRA have raised the price target with recommendations to “outperform”, “buy” and “hold” respectively.

Furthermore, Moody’s increased its assessment of UBS’s debt capacity by one notch. However, the New York rating agency does not rule out reversing its steps, the outlook having been revised to “negative”.

Shunned the day before after its quarterly figures, Sandoz (+4.2%) recovered and finished on the highest step of the podium, ahead of Nestlé (+2.2%) and Geberit (+1.9%).

The manufacturer of generics and biosimilars benefited from glowing comments from JPMorgan, Deutsche Bank and Baader Europe after the figures. Baader even raised his recommendation to “buy” from “add”, noting that the company moved even closer to its mid-term objective in the first quarter. In addition, the development of biosimilars has been strong and the recovery of American activity is well underway.

Also the day after its figures, the specialist in sanitary installations also benefited from comments from analysts. CFRA in particular raised its recommendation to “hold” from “sell” and significantly increased the price target.

Novartis (+0.9%) also supported the index, while Roche (good +0.5%, buoyant +0.6%) remained a little behind.

In the broader market, the financial director of the ambient air specialist Arbonia (+1.1%) Daniel Wüest has decided to work in the future for the online pharmacist Docmorris (-9.2%).

The rating agency Moody’s has reduced the outlook for its “Baa3” rating for the debt capacity of the trader and processor of cocoa products Barry Callebaut to “stable” (-1.7%).

Landis+Gyr (-3.6%) saw its profits fall in 2023/24. If revenues and operational profitability increased, net profit plunged to 110 million dollars, almost half less than the 207.9 million generated a year earlier. Shareholders will nevertheless be offered a dividend increased by 5 cents to 2.25 Swiss francs per share.

Montana Aerospace (+1.0%) returned to negative figures for the first three months of the year and confirmed its targets for the current financial year and beyond.

Relief Therapeutics (unchanged) has new management with the appointment of new managers in finance, human resources and legal and regulatory affairs.

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