2023-12-15 17:16:08
Zurich (awp) – The Swiss stock market ended in the red on Friday, following a largely negative session. The SMI briefly rose to just above equilibrium late in the followingnoon before ending up stuck below the waterline.
Investors looked for a path forward following monetary policy announcements from major central banks over the past two days, the US Federal Reserve (Fed), the Swiss National Bank (SNB) and the European Central Bank (ECB).
“Compared to the Fed, European central banks (that of England, Norway and the ECB) have been much less ‘dovish’ this week,” summarized Keefe, Bruyette & Woods in a commentary.
On Wall Street, the indices moved in scattered order.
On the economic front, manufacturing activity in the highly industrialized region of New York, considered a good barometer of the American economy, deteriorated sharply in December.
On this side of the Atlantic, the Bank of Italy lowered its estimate of economic growth for 2024, now counting on 0.6% once morest 0.8%, due to “signs of weakness” in the economic situation “more prolonged” than expected.
In Switzerland, the Federal Council approved the negotiating mandate with the European Union. This concerns in particular participation in the European electricity market, the free movement of people, respect for salary and working conditions and even participation in European programs, particularly in research and innovation.
Next week will be revealed the indices of business morale and consumer morale in Germany, the monetary policy decision of the Bank of Japan, but also Swiss foreign trade in November and British inflation.
The Swiss Market Index (SMI) ended down 0.16% to 11,191.89 points, following a high of 11,229.56 and a low of 11,154.64 points. The Swiss Leader Index (SLI) finished down 0.03% at 1,792.92 points and the broader market index Swiss Performance Index (SPI) fell 0.06% to 14,657.38 points. Of the 30 main quotes, 17 ended with a gain, twelve with a loss and the good Lindt in balance.
Lonza (+2.8%), Kühne+Nagel (+2.4%) and Julius Bär (+2%) finished on the podium.
Research Partners initiated coverage of Holcim (+1.2%) with a buy recommendation and a price target set at 80 Swiss francs. Holcim is in the process of advantageously expanding its exposure to cement with less capital-intensive and very profitable activities, notes the analyst. Its subsidiary Lafarge is also the target of a new complaint in the United States in the context of the Syrian issue.
Sika (+1.1%) has inaugurated a new research and development (R&D) center for the Asia-Pacific region in Suzhou, China, in which it has invested several tens of millions of Swiss francs.
Givaudan (+0.9%) finished in positive territory, following first having suffered from a blow from its German competitor Symrise on its objectives.
Bernstein increased Straumann’s price target (+0.5%), confirming his buy recommendation.
Nestlé (+0.4%) was the only heavyweight to end up with its head above water, unlike good Roche (-0.6%) and Novartis (-0.9%).
Swatch Group (-1.1%) announced that it had won its case once morest technology giant Samsung concerning a dispute over its watch brands in the United Kingdom.
The bottom red went to its Geneva competitor Richemont (-1.9%).
In the broader market, Implenia (-0.3%) was awarded new contracts for 220 million Swiss francs in the building sector in Switzerland and Germany.
The shareholders of PSP Swiss Property (-0.9%) will be offered the election of Katharina Lichtner to the board of directors, and those of Interhsop (stable) that of the boss of SFP Fondation de placement, Gregor Bucher, as replacement by Kurt Ritz.
Research Partners has downgraded its recommendation for VP Bank shares (-2.3%), which it now recommends selling, thereby pruning the price target to 70 (106) Swiss francs.
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