Zurich (awp) – The Swiss stock market ended on a negative note on Tuesday, erasing the gains made the day before. As the results season slowly draws to a close, investors are once again focusing on macroeconomic data with the publication, on Wednesday, of October inflation in the United States. The SMI fell below 11,700 at its daily low, finishing just above this level.
In New York, Wall Street was in decline in the morning.
The market has “experienced considerable increases in a fairly short period of time (…) Today is a bit of a day of consolidation”, noted Steve Sosnick of Interactive Brokers to AFP. “Today, we are seeing profit taking,” he noted, while emphasizing that “market sentiment has not changed this morning, it remains positive.”
On the macroeconomic front, inflation in Germany started to rise again in October after reaching its lowest level since February 2021. The consumer price index increased by 2% year-on-year, or 0.4 points. more than in September, indicated the statistics institute Destatis. Prices increased by 0.4% over one month.
The SMI ended down 1.60% to 11,712.09 points, with a low of 11,697.50 and a high of 11,836.31. The SLI dropped 1.78% to 1927.34 points and the SPI 1.61% to 15,597.29 points. Of the 30 star stocks Lonza (+1.0%) and Geberit (+0.04%) are the only winners of the day.
The pharmaceutical subcontractor has added two production lines for bioconjugates at its Valais center in Visp. This capacity expansion should generate around 200 new jobs by 2028. No financial details have been released.
Citigroup raised its recommendation for the sanitary facilities specialist to “neutral” from “sell” and increased the price target. Profitability and cash flow, as well as its low debt and its dividend policy play a decisive role for the future of the group, commented the analyst in particular.
Alcon (-5.6%) finished bottom of the day, behind SIG Group (-4.4%) and Adecco (-3.3%).
The manufacturer of ophthalmic products was to reveal its quarterly results in the evening after the close of Wall Street. Analysts expected sales of $2.5 billion.
Exane BNP reduced its recommendation for the temporary work giant to “neutral” from “outperform” and lowered the price target. The analyst doubts that it is possible to lower the debt ratio and increase dividends at the same time.
Richemont (-3.2%) did little better than its competitor from Bienne after Barclays lowered the price target and confirmed “overweight” in the wake of last Friday’s half-year figures which the analyst described as mixed . Its Biel-based competitor Swatch (-3.0%) also fell significantly.
The heavyweights, Nestlé (-1.3%), Roche (-1.1%) and Novartis (-0.6%) held up better.
Novartis has signed an agreement to advance several of its development and commercialization candidates with New York-based biotechnology company Schrödinger, which will be eligible to receive up to approximately $2.3 billion in milestone and royalty payments. .
On the broader market, the Friborg company holding shares in luxury hotels and clinics Aevis Victoria (unchanged) reported an increase in turnover from January to the end of September. It refrains from any comments on current or future business progress.
The Zug-based real estate company PSP Swiss Property (-1.8%) increased its rental income over the first nine months of 2024, benefiting from significant revaluation effects on its real estate portfolio.
The Basel laboratory Santhera (+1.2%) has concluded a distribution agreement with Ali Al Suwaidi Trading Est. (ASTE) in Qatar for its drug Agamree (vamorolone). No financial details were disclosed.
The Geneva-based banking software developer Temenos (+4.1%) extended the scope of its medium-term roadmap by one year during a day dedicated to investors, notably moderating its surplus target. exploitation in the long term.
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