Zurich (awp) – The Swiss stock market ended on a negative note on Friday. After a still positive start to the session, the SMI turned red and registered its lowest of the day shortly after noon and below 12,000 points, reducing its outlay subsequently to finish a little above this level .
In New York, Wall Street, which had opened lower, moved in disorganized order in the morning. We are witnessing a consolidation movement after a series of records and before knowing more about the evolution of the American economy, according to brokers.
“The market has been going at full speed” in recent days, underlined Quincy Krosby of LPL Financial, for whom the time has come for an ebb. In addition, “it is only driven by a handful of values”, almost all of them coming from the technological sector, boosted by the fever of generative artificial intelligence (AI).
“Brokers are still struggling to assimilate the recent developments in the United States, torn between a reassuring consumer price index and a nagging aggressive refrain from the Federal Reserve (Fed), tending to blur the clarity of the future evolution of rates of interest”, commented Pierre Veyret, for Activtrades.
On the economic front, the Bank of Japan indicated overnight that it would reduce its massive purchases of indigenous public bonds, without commenting for the moment on the extent of the measure or adjusting its key rate, maintained since March between 0.0% and 0.1%.
Inflation accelerated somewhat in France in May, when the strength of transalpine exports enabled Italy to achieve a trade surplus in April.
In Switzerland, the number of road vehicle entries stagnated in May. It grew minimally by 0.1% over one year.
The SMI ended down 0.42% to 12,044.59 points, with a low of 11,981.82 and a high of 12,113.49 points. The SLI lost 0.78% to 1948.08 points and the SPI 0.46% to 15,993.96 points. Of the 30 star stocks, 23 fell and 7 advanced.
The good Lindt (+1.4%) precedes Novartis (+0.8%) and the good and the porter Roche (each +0.7%) on the podium of the day. With a gain of 0.2%, Nestlé took the chocolate medal.
Bernstein SG raised the price target for Bon Roche and confirmed “outperform”. The stock recently began a recovery, after hitting a five-year low, commented the analyst, who anticipates a continuation in the right direction.
In France, the production of Perrier sparkling water bottles, in the hands of Nestlé Waters, would be suspended, according to French media. The subsidiary of the Vevey food giant mentions “maintenance operations” on two wells.
In the losing camp, Logitech (-3.1%) finished bottom, behind Sika (-2.7%) and SGS (-1.9%).
The Valdo-California manufacturer of pointers and other computer accessories announced Thursday evening the appointment of Meeta Sunderwala to the position of interim director of finance (CFO) and with immediate effect. She replaces Charles Boynton, who left the company at the end of May after only one year in office, until further notice.
Luxury stocks Swatch (-1.8%) and Richemont (-1.5%) significantly underperformed.
Zurich Insurance (-0.3%) will launch on Monday its share buyback program announced at the start of the year. It covers a volume of securities with a maximum value of 1.1 billion Swiss francs. The program will end no later than December 31, 2025.
On the broader market, the Lucerne dairy group Emmi (+0.9%) announced the appointment of Oliver Wasem to the position of financial director as of July 1. He will replace Sacha Gerber, who has resigned, and will at the same time join the general management of the Lucerne dairy processor.
The Molecular Partners laboratory (+12.5%) claimed success in the development of its experimental treatment MP0621, a therapy supporting hematopoietic stem cell transplantation (HSCT). After conclusive trials on “humanized” mice, a phase I clinical study should be launched next year.
The technology group Wisekey (unchanged) announced the arrival of John O’Hara as chief financial officer on July 1, following the retirement at the end of June of the current holder of the position, Peter Ward.
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