The Swiss Stock Exchange did not know what footing to dance on Thursday at the opening. International guidance was mixed and urged caution.
The day before, the main American indices ended without much change, on the Asian markets side, the atmosphere was rather gloomy after the publication of almost zero inflation in China. The Japanese Nikkei index dropped almost 1% at the close.
The New York Stock Exchange will remain closed Thursday due to a day of national mourning for the death of former President Jimmy Carter. 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. 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.
Around 9:13 a.m., the SMI gained 0.05% to 11,882.16 points, the SLI gained 0.05% to 1,962.05 points while the SPI fell 0.04% to 15,824.28 points. Of the thirty star stocks, eleven advanced, 17 declined and two (ABB and Novartis) were stable.
At the top of the ranking, Sika (+1.5%) was advancing. 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.
UBS (+1.1%) seemed to benefit from an increase in recommendation by Kepler Cheuvreux. Sandoz (+1.4%) completed the podium, without any particular news.
-Partners Group (+1.0%) saw its recommendation raised by Barclays to “overweight”, the price target also being revised upwards, to 1,470 francs, from 1,120 francs.
Roche (+0.8%) has won a new green light in the United States for a digital diagnostic device. The two other heavyweights Nestlé (-0.2%) and Novartis (stable) did less well.
Provisional red lantern, VAT (-3.5%) 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.
The Swatch carrier (-2.3%) fell after a lowering of recommendation to “underperform” by the Royal Bank of Canada (RBC). Kühne +Nagel (-2.2%) completed the trio of biggest losers.
Adecco (-1.9%) also lost ground after a lowering of the price target by UBS, set at 19 francs, after 25 francs.
In the broader market, Tecan (+6.9%) 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 (+4.3%) 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. (AWP)
