The Swiss stock market lost ground late Tuesday morning, in the wake of the publication of a host of company results and after a relatively stable opening. The rarefaction of winners overcame the fragile balance observed in the first exchanges.
On the economic front, France, Spain, Italy and Portugal have all reported growth over the first three months of the year. Across the eurozone, the economy grew by 0.3% between January and the end of March.
“Even if the environment remains rather buoyant for stocks, the simultaneous evolution of numerous vectors suggests high volatility in the coming sessions,” notes Pierre Veyret, for Activtrades. The main monetary policy committee of the Federal Reserve (Fed) also meets until Wednesday evening.
At 10:51 a.m. the Swiss Market Index (SMI) fell 0.26% to 11,303.10 points, the Swiss Leader Index (SLI) 0.38% to 1,848.49 points and the Swiss Performance Index (SPI) 0.15% to 15,112 .66 points.
Logitech (+8.5%) continued its solo escape. The mouse giant maintained its profitability in the last part of its staggered 2023/24 financial year, despite declining revenues.
The specialist in substitution medicines Sandoz (+0.9%) has reached a consensus with the American laboratory Amgen, in the context of a patent dispute.
The banking behemoth UBS (-2.3% or 58 cents) was trading excluding a dividend of 70 cents.
The bottom red went to the manufacturer of dental implants and surgical-dental instruments Straumann (-8.6%), despite revenues increasing over the first three months of 2023, beyond forecasts.
The food packaging producer SIG Group (-2.4%) delivered a lower performance than expected in the 1st quarter.
On the broader market, the chemist Clariant (+2.6%) was recovering, despite falling revenues over the first three months of the year.
Conversely, the insurer Baloise (-4.9%) further revised its solvency ratio downwards as of January 1, to 207% compared to 210% in a previous estimate.
The Newron laboratory (+14%) claimed new progress in its research against schizophrenia. It remains to be seen whether the phenomenon will be more lasting than the last few times. (AWP)
