2023-11-22 17:16:11
Zurich (awp) – The Swiss stock market continued the positive momentum of the previous day and ended clearly in the green on Wednesday. At its highest point of the day, the SMI came within around forty points of the 10,900 point mark. The corporate news front remained sluggish.
In New York, Wall Street gained ground in the morning.
The market benefited in particular from an improvement on several fronts, with the easing of bond rates and the marked decline in oil prices. “It helps a lot,” said Adam Sarhan.
The yield on 10-year US government bonds stood at 4.37%, compared to 4.39% the day before at closing.
Oil stocks were sliding, in step with black gold prices, following an agreement between Israel and Hamas and the announcement of the postponement until November 30 of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies of the OPEC+ agreement.
The SMI ended up 0.47% at 10,832.39 points, with a high of 10,860.41 points and a low of 10,794.00 points. The SLI gained 0.42% to 1714.81 points and the SPI 0.40% to 14,212.12 points. Of the 30 star stocks, 22 advanced and eight retreated.
Today’s podium consists of Alcon (+2.2%) and Partners Group (+1.3%), as well as Geberit and Novartis (each +1.1%).
The asset manager sold Civica, a public sector software developer, to the American investment fund Blackstone. Financial details of the transaction were not disclosed. According to an article in the Wall Street Journal on Tuesday evening, the Zougois group sold Civica for almost 2.5 billion dollars (2.2 billion Swiss francs).
Nestlé (+0.6%) supported the index, while Roche (good -0.4%, buoyant -1.0%) weighed.
The day following Sonova’s half-year figures (+0.6%), Barclays, JPMorgan and Vontobel provided comments: the first two lowered the price target with confirmed recommendations to “overweight” and “neutral”. The Vontobel analyst raised the price target and confirmed “hold”. In particular, she believes that the hearing aid specialist’s technological advantage over the competition is diminishing. But long-term trends remain positive thanks to demographic developments, she says.
The Schaffhausen packaging specialist SIG Group (+0.4%) simply renewed its medium-term roadmap, during its day dedicated to investors. Annualized growth excluding currency effects must therefore always be within a range of 4 to 6% and the gross operating margin (Ebitda) above 27%.
The rating agency Fitch raised the outlook for Swiss Re’s ratings (+0.3%) to “positive”, from “stable” previously. It confirmed the rating “A” for long-term default risk (IDR) and “A+” for the financial robustness of the insurer (IFS). The adjustment reflects the strong improvement in financial performance and capitalization.
The volatile Sandoz (-2.1%) finished bottom, behind Givaudan (-1.3%) and Julius Bär (-1.2%).
Morgan Stanley downgraded Givaudan shares to underweight from equal weight and reduced the price target.
The credits that the Julius Bär bank is said to have granted to René Benko’s troubled Austrian group Signa continue to fuel conversations. According to the news portal Inside Paradeplatz, the Zurich establishment would have lent around 250 million dollars to the Austrian group, in exchange for Signa shares whose value has collapsed.
After Monday’s ten-month data, the Royal Bank of Canada and Deutsche Bank lowered the Zurich bank’s price target and confirmed their respective recommendations to “outperform” and “buy”. The decline in transaction and trading income, combined with a drop in interest-related income and an increase in provisions penalizes the bank’s revenue, commented the Canadian bank’s analyst who noted, however, that the stock remains undervalued. valued.
In the broader market, the online pharmacist Docmorris (+1.3%) is reorganizing its management, which is going from six to five members. Walter Hess, Managing Director, will now also be in charge of activities in Germany, previously headed by Matthias Peuckert, who is leaving the company.
The insurer Helvetia (-4.4%) estimates that damage due to bad weather affecting several of its markets should reach around 200 million Swiss francs in the 3rd quarter. The group ensures that it continues to have “solid” capitalization allowing it to support these costs.
Relief Therapeutics (+1.1%) recorded the departure of CEO Jack Weinstein. The Séchon laboratory temporarily entrusts this function to Michelle Lock, who will continue to sit on the board of directors at the same time.
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