Zurich (awp) – The Swiss Stock Exchange ended in disarray on Thursday. Like the day before, the SMI spent the morning in the green, before falling into the red at the start of the afternoon. However, it rose above equilibrium to its highest point of the day in the wake of Wall Street, falling again at the end, while finishing above the symbolic bar of 12,000 points.
In New York, Wall Street gained ground in the morning trying to move past results considered disappointing and mixed indicators, the market positioning itself before the publication of a major price index (PCE inflation, closely followed by the Federal Reserve American), Friday.
After two constructive sessions, “the mood is more contained this morning”, commented, in a note, Patrick O’Hare, of Briefing.com, mentioning a wave of results and macroeconomic data.
The latest growth estimate for the first quarter came out slightly above the previous one, at 1.4% annualized, “but still indicates that economic growth is slowing”, estimated Chris Zaccarelli of Independent Advisor Alliance.
The economic research center BAK Economics has moderately raised its growth projection for Swiss gross domestic product (GDP) this year, to 1.2%, compared to 1.1% previously. The house’s experts anticipate a further decline in inflation, from 1.4% over the current year to 0.9% over the next.
The SMI ended down 0.09% at 12,004.31 points, with a low of 11,990.32 and a high of 12,050.52. The SLI advanced 0.03% to 1,947.67 points and the SPI lost 0.04% to 15,941.95 points. Of the 30 star stocks, 17 rose, 12 fell and the good Lindt finished unchanged.
Today’s podium consists of Sandoz (+1.8%), Holcim (+1.5%) and Straumann and the good Schindler (each +1.1%).
The St. Gallen construction materials giant wants to invest around 250 million Swiss francs in its three cement plants in Switzerland. The objective is to reduce the use of fossil fuels in the production of cement and to respect the limit values for air pollutants set by the Air Protection Ordinance (OPair).
In the heavyweight camp, Roche (good +0.3%, buoyant +0.4%) supported the index, while Novartis (-0.5%) and Nestlé (-0.8%) weighed .
SIG Group (-2.8%) finished bottom, behind Kühne+Nagel (-1.3%) and Swatch (-0.9%).
The Schwyz transport and logistics giant is expanding its warehouse network for the US healthcare market, with four new transshipment facilities, particularly for medicines and vaccines. The amount of the investment has not been disclosed.
UBS and Goldman Sachs have reduced their respective price targets for the Bienne watchmaker, while confirming their recommendation to “neutral”. The major Swiss bank in particular is alarmed by excess production capacity, high inventories and the unfavorable effect of currencies. His American counterpart estimates that the drop in Swiss watch exports will be reflected in the group’s figures.
Geneva’s Richemont (-0.1%) limited the damage. UBS also lowered the price target, but confirmed “buy”. The analyst believes that the stock has performed better than those of its competitors. The change in business model, which gives pride of place to jewelry to the detriment of watchmaking, as well as a better geographical balance and reduced dependence on China are at the origin of this performance. The upside potential remains intact.
On the broader market, Carlo Gavazzi (-6.0%) reported declining annual results and a dividend cut by a third. A recovery is not expected in the short term.
Landis + Gyr (-2.3% or -1.70 francs) was treated excluding dividend of 2.25 Swiss francs.
Fitch downgraded the rating for the long-term debt capacity of the real estate company Peach Property (-4.6%) to CCC+, against BB, reclassifying the Zurich firm to speculative category, but lifting the previously “negative” outlook attached to his assessments.
The shareholders of Relief Therapeutics (+0.9%) refused to grant discharge to the general management and the board of directors. Trading in the stock was suspended from late morning until early afternoon.
The railway equipment manufacturer Stadler Rail (+2.0%) has concluded a maintenance contract with the Hungarian State Railways (MÁV).
The Petrus Advisers fund lowered its stake in banking software specialist Temenos (+0.8%) to 3.841% compared to 5.123% previously. The British fund had made itself known by increasing its demands on the Genevan.
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