The Swiss Stock Exchange finally opted for a clear direction on Thursday as midday approached and green prevailed. In the absence of Wall Street, closed due to a day of national mourning for the death of former President Jimmy Carter, impulses will be limited. The wait-and-see climate is likely to prevail until the publication of data on the American job market on Friday.
In terms of macroeconomic news, the very low inflation published by China illustrates sluggish consumption and weighed on the development of financial markets in Asia, both in China and Japan. In Germany, industrial orders rebounded in November.
At the SMI, Sika kicked off the annual results season with the first numerical indications on business performance in 2024.
At 11:00 a.m., the SMI gained 0.24% to 11,905.8 points, the SLI gained 0.18% to 1,964.58 points while the SPI rose 0.15% to 15,853.96 points. Of the thirty star stocks, thirteen advanced, 16 fell and one (SIG Group) was stable.
Sika (+0.5%) had lost its momentum from the start of the session, although still in the green. The construction chemist saw its turnover increase last year, driven by the acquisition of MBCC in particular but penalized by lackluster activity in the construction sector and the high value of the franc. The financial objectives have been confirmed.
At the top of the ranking, UBS (+2.1%) rose above the 30 franc mark for the first time since the 2008 financial crisis, benefiting from an increase in recommendation by Kepler Cheuvreux.
Sandoz (+2.0%) and Roche (+1.5%) completed the provisional podium. Roche has won a new green light in the United States for a digital diagnostic device.
The two other heavyweights Nestlé (-0.3%) and Novartis (+0.4%) were moving on opposite trajectories.
-Partners Group (+1.3%) saw its recommendation raised by Barclays to “overweight”, the price target also being revised upwards, to 1,470 francs, from 1,120 francs.
Provisional red lantern, VAT (-4.4%) benefited last year from vigorous demand, particularly in the fourth quarter. Growth was there for the Saint-Gallois group, which achieved an annual turnover of 942 million francs, up 6.4% compared to 2023. According to some analysts, the recovery is not was not as dazzling as expected after the slowdown suffered in 2023.
Adecco (-4.4%) was also among the biggest losers after a lowering of the price target by UBS, set at 19 francs, from 25 francs, as was Kühne + Nagel (-3.4%).
The Swatch carrier (-2.9%) fell after a lowering of recommendation to “underperform” by the Royal Bank of Canada (RBC).
In the broader market, Tecan (+7.2%) saw its sales decline sharply in 2024, due to a reduction in spending in the biopharmaceutical sector and the weakness of the Chinese market. The operating margin for the past year was, however, confirmed.
Newron (+1.4%) has entrusted the continued development, production and marketing of its experimental drug for treatment-resistant schizophrenia in South Korea to Myung In Pharm, as part of a licensing agreement local.
The Cosmo Pharmaceuticals laboratory (+3.0%) claimed to have almost tripled its revenues last year, thanks in particular to its extensive partnership with the American medical technology specialist Medtronic. (AWP)
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