2023-11-23 10:31:02
Zurich (awp) – The Swiss stock market was struggling late Thursday morning to find some color, with the SMI remaining in negative territory. The macroeconomic news, once again demonstrating the economic slowdown in Europe, did not lighten investors’ mood. No help is expected from Wall Street, which will remain closed due to a holiday.
“Lower trading volumes and reduced market volatility traditionally occur during the Thanksgiving long weekend, when U.S. investors stay away from the office,” noted Pierre Veyret of ActivTrades, in a commentary.
“Furthermore, the recent set of mixed macroeconomic data, with mediocre PMI figures in France and better than expected in Germany, has not contributed to raising or lowering market confidence” in Europe, he added. . The expert does not expect “strong or directional price action for the end of the week” on European markets.
In the euro zone, private sector activity contracted in November for the sixth consecutive month, but less sharply than in October, according to S&P Global’s Flash PMI. It still signals a risk of recession in the fourth quarter.
Around 10:55 a.m., the SMI fell by 0.15% to 10,815.75 points, the SLI by 0.19% to 1711.55 points and the SPI by 0.15% to 14,190.92 points. Among the thirty main values, 16 advanced, and 14 retreated.
The life insurer Swiss Life remained at the bottom (-2.5%), after Bank of America lowered its recommendation to “underperform”, compared to “neutral” previously. The price target was slashed to 586 Swiss francs from 625 Swiss francs.
The podium was made up of the good Schindler (+0.7%), Kühne+Nagel (+0.4%) and Sika (+0.2%). The construction chemist announced that it is strengthening its polymer production at its American site in Sealy, Texas, to meet the growing demand for concrete admixtures in the United States and Canada. No amount has been disclosed.
UBS was in fourth place alongside Sonova (+0.3% each). Morgan Stanley has raised the hearing aid specialist’s price target to 255 Swiss francs (235 Swiss francs), raising its earnings per share estimates in the wake of the half-year results for its staggered 2023/24 financial year.
The heavyweights took opposite directions, the good Roche gaining 0.02% while Nestlé and Novartis lost 0.3% each.
On the broader market, electronic components producer Carlo Gavazzi (-3.1%) saw its revenues and order intake decline during the first six months of its staggered 2023/24 financial year (ending at the end of September).
The real estate company Epic Suisse (+1.6%) recorded increasing figures over the first nine months of 2023, particularly in terms of rental income.
Adecco (+0.6%) saw Vontobel raise its recommendation to “buy”, against “hold” previously, with an improved price target of 8 Swiss francs to 50 Swiss francs. The management bank judges that the implementation of the management strategy is bearing fruit.
The social network for wealthy travelers Asmallworld (not negotiated) has acquired the entirety of the young German startup Jetbeds, which operates an online flight booking platform.
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