The Swiss stock market started the week on a positive note. The SMI has settled well above the symbolic bar of 12,200 points. The results season will gain in intensity with, in particular, the figures from ABB, Nestlé, Schindler and VAT (all Thursday).
In New York, Wall Street was moving in the green in the morning after a scattered opening, regaining its senses after new records on Friday, with little news and indicators on the menu.
If Wall Street is open, the bond market is closed, this Monday being a public holiday in the United States (Columbus Day). No indicators are expected today, nor are any company publications expected.
“There is nothing to eat, so I think the day will be calm,” warned Sam Stovall, of CFRA Research, especially since operators will not be informed about the evolution of yields bonds, a parameter that has been closely followed in recent weeks.
In Switzerland, producer and import prices fell in September in monthly, but especially annual, comparison. The relative index fell by 0.1% compared to August, standing at 107.2 points, thanks to the decline in the prices of petroleum products. Conversely, hydrocarbons and food products have increased in price. Over one year, the drop reached 1.3%, according to figures published Monday by the Federal Statistical Office (FSO).
The SMI gained 0.86% to 12,259.23 points, higher at 12,266.58 and lower at 12,176.38. The SLI gained 1.0% to 2008.85 points and the SPI 0.79% to 16,339.58 points. Of the 30 star stocks, Swatch (-2.5%), SIG Group (-0.9%), Richemont (-0.4%) and Adecco (-0.1%) are the only losers of the day.
Investors shunned luxury stocks after the Chinese government remained vague on the scale and timing of economic recovery measures over the weekend. After months marked by trickle-down announcements with no apparent effect, the markets are indeed awaiting more drastic and precise measures.
On the green side of the table, today’s podium is made up of VAT Group and Lonza (each +3.0%), Logitech (+2.6%) and UBS (+2.1%) which are also the only stocks to have gained more than 2%.
Givaudan (+1.7%) benefited from an increase in its price target and confirmation of “neutral” recommendation by UBS. The analyst raised his forecast for 2024 due to better-than-expected sales trends, on the heels of third-quarter results. Furthermore, the Geneva-based perfumes and flavorings giant has strengthened its presence in Southeast Asia with the construction of a new factory in Indonesia, where it already has a site, in order to meet growing demand.
In the heavyweight camp, Novartis (+0.9%) did better than Roche (+0.5%) and Nestlé (+0.4%).
Roche presented new, positive results on its Evrysdi treatment for spinal muscular atrophy (SMA).
On the broader market, the Zug specialist in fastening systems Bossard (-8.4%) saw its sales fall by 3.8% to 240.4 million francs in the third quarter of 2024. According to Vontobel analysts, these results “will not give rise to upward fantasies about the share price. Significant short-term positive catalysts are still lacking.” They therefore recommend “maintaining” the title.
Electronic equipment designer Carlo Gavazzi (-3.9%) published provisional figures on Friday evening for the first six months of the 2024/25 financial year, ending at the end of September, anticipating an Ebit of 3.3 million francs after 16.4 million a year earlier and a net profit reduced to 1.6 (12.3) million francs.
Kudelski (+6.8%), via its subsidiary Nagravision, has sealed a new partnership in the field of streaming with the Indian company providing user management solutions Evergent. The Valdo-American group did not disclose the financial aspects of the agreement. (AWP)
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