Zurich Stock Exchange: towards a lively opening after records on Wall Street

Zurich Stock Exchange: towards a lively opening after records on Wall Street
Zurich Stock Exchange: towards a lively opening after records on Wall Street

Zurich (awp) – The Swiss Stock Exchange was preparing to begin Thursday’s session with great fanfare, in the wake of a triple record at the close of Wall Street the day before, following the publication of reassuring figures on inflation in the States -United.

Inflation fell again in April for the first time since January, to 3.4% over one year compared to 3.5% in March, according to the CPI index published by the Labor Department. The news has revived hopes of an upcoming cut in key rates by the Federal Reserve (Fed).

At 8:17 a.m., the preSMI extrapolated by Julius Bär appreciated by 0.44% to 11,951.40 points, after finishing up 0.98% on Wednesday.

Zurich Insurance (+2.1%) benefited from its solid quarterly performance. The insurer saw, over the first three months of 2024, its premiums increase in the main property and casualty activity, jumping 5% to 12.6 billion dollars (11.3 billion Swiss francs).

The outlook was also positive for Swiss Re (+1.6%). The reinsurer maintained its profitability in the first half thanks in particular to the proceeds of its investments. Net profit came in at $1.09 billion, significantly higher than analysts’ expectations.

The Roche voucher (+1.7%) was also well positioned, after the publication of phase I data for experimental CT-388, which allowed an average weight reduction of 18.8% over 24 weeks in patients. obese patients treated.

This medication targets and activates the intestinal hormones GLP-1 (for “glucagon-like peptide-1”) and GIP (for glucose-dependent insulinotropic polypeptide) which notably control the feeling of satiety. It fell into Roche’s hands at the end of last year, with the purchase for nearly $3 billion of its Californian developer, Carmot Therapeutics.

The two other heavyweights Novartis and Nestlé each increased by 0.1%.

Logitech stock (-0.4%) stood out in shades of green.

Excluding SMI, Basilea (+1.6%) benefited from the announcement of a milestone payment of $1.25 million (1.13 million Swiss francs) from its distribution partner in the region. Pfizer.

Avolta (+1.9%) benefited from the sharp increase in its turnover in the first half thanks to very good market dynamics. The revenue of the company, product of the merger of the Rhine duty-free shop operator Dufry and the Italian motorway service area operator Autogrill, increased by 18%, to 2.8 billion francs. Swiss.

ol/lf

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