Swiss stock market closes on a positive note

Swiss stock market closes on a positive note
Swiss stock market closes on a positive note

The Swiss stock market ended on a positive note on Thursday. After a still negative opening and below 12,000 points, the SMI gradually recovered and tickled the symbolic bar of 12,100 points at its highest point of the day, ending just below this level. The session took place calmly, in the absence of the American markets, closed for the national holiday.

On the macroeconomic front, prices slowed down again in June in Switzerland, despite a strong acceleration in local and petroleum products. The labour market saw little change in June. Compared to the previous month, the number of people registered with the Regional Employment Offices (ORP) fell by 947 to 104,518. The unemployment rate remained stable at 2.3%.

In France, despite a slight increase in 2023 (+0.8%), household consumption expenditure remained significantly lower than its pre-health crisis trend.

The SMI ended up 0.42% at 12,068.80 points, a high of 12,101.45 and a low of 11,988.30 at the opening. The SLI gained 0.54% to 1,961.68 points and the SPI 0.59% to 16,092.81 points. Of the 30 leading stocks, 25 rose and 5 fell.

The Roche (-1.4%) bearer finished last, behind the Roche (-1.1%) and VAT Group (-0.8%). Kühne+Nagel (-0.6%) and Richemont (-0.3%) were the other losers.

Roche has been weighed down by the failure of an advanced clinical trial in oncology. The Skyscraper-06 program evaluated a combination of the established immunotherapy Tecentriq (atezolizumab) and the still-in-development tiragolumab, as an adjunct to chemotherapy and as first-line treatment for non-squamous, non-small cell lung cancer.

The two other heavyweights Nestlé (+0.4%) and Novartis (+1.2%) have gained more or less significant ground.

Straumann (+2.5%) finished on the top step of the podium, followed by Sandoz /+2.2%) and Sika (+1.8%).

The generics and biosimilars giant faces continued pricing pressure despite its position as the world’s largest generics maker. However, CEO Richard Saynor expects continued growth, he told AWP in an interview.

The construction chemical maker did not suffer from a price target reduction by Barclays, which confirmed “overweight”. The analyst expects strong margins in the construction sector and a moderate development of volumes in the second quarter, as in the first.

The Price Monitor has placed UBS (+0.1%) under observation. Any suspicion of abuse can already be reported to it. The major bank, merged with Credit Suisse, is now powerful, even dominant on the market, noted Mr. Prix, based on an analysis by the Competition Commission (Comco).

In the broader market, staffing giant Adecco (+0.3%) is reportedly considering selling its Akkodis subsidiary, thereby separating itself from its unit dedicated to recruiting in the technology sector, Bloomberg news agency reports, citing sources familiar with the matter.

Online pharmacy Docmorris (+6.2%) made significant progress after its competitor Redcare benefited in the second quarter from the introduction of electronic prescriptions in Germany.

Landis+Gyr (+10.1%) announced that Spectrum Entrepreneurial Ownership (SEO) has purchased a 5% stake from Kirkbi, making it the second largest shareholder in the smart meter specialist. An extraordinary general meeting will be convened to elect Fabian Rauch, co-founder of the Rapperswil-Jona-based investment vehicle, to the board of directors. (AWP)

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