2023-10-11 16:16:10
Zurich (awp) – The Swiss stock market ended on a positive note on Wednesday. The appetite for risk, which returned the day before, continues, observers noted. After a negative opening and below the 11,000 point mark, the SMI very quickly recovered and settled quite well above this psychological level.
In New York, Wall Street gained a little ground in the morning, digesting a stronger than expected rise in wholesale prices and a large merger in the energy sector and waiting for the Fed’s “minutes”.
“Market players are faced with a whirlwind of information this morning, ranging from geopolitical news to business news and economic data,” said Patrick O’Hare of Briefing.
Among the indicators, the producer price index (PPI) increased by another 0.5% in September, more than the +0.3% forecast, following already +0.7% in August. “This marks the interruption of the disinflation which was perceived in producer prices, which will be transferred to consumer prices,” commented the Briefing.com analyst.
The SMI ended up 0.33% at 11,038.30 points, with a high of 11,064.88 and a low of 10,962.24 (in the opening phase). The SLI nibbled 0.02% to 1720.84 points and the SPI 0.48% to 14,434.12 points. Of the 30 star stocks, 20 rose and 10 fell.
Today’s podium is made up of Sandoz (+3.3%), Nestlé and the good Lindt (each +1.8%) and VAT Group (+1.4%).
Novartis and the Roche voucher (each +0.6%) finished among the bulk of the winners.
Roche is taking the stage at the Ectrims-Actrims congress in Milan, dedicated to the fight once morest multiple sclerosis, with an intravenous formulation of its Ocrevus and encouraging data for populations particularly affected by the disease.
Novartis saw its “buy” recommendation renewed by Jefferies which, on the other hand, raised the price target while it lowered that of Roche and confirmed “hold”. The analyst reviewed his copy for Novartis following the separation from Sandoz and he is confident in the contributions of Cosentyx, Kesimpta, Kisqali and Entresto and does not rule out an increase in the objectives for the entire company. ‘exercise.
For Roche, the expert sees significant potential for raising annual targets at the end of the 3rd quarter. In particular, it is counting on larger contributions than expected so far for the new ophthalmic treatment Vabysmo, as well as for the anticancer drug Polivy.
Luxury brand manager Richemont (-4.0%) finished bottom behind Alcon (-2.0%) and Kühne+Nagel (-1.5%).
Swatch (+0.1%) increased slightly. The day before, the French competitor of the two Swiss luxury giants had observed a severe “normalization” of its revenues over the past quarter, which turned out to be slightly lower than expected.
The world number one in perfumes and aromas Givaudan (-0.8%) reveals its revenues on Thursday at the end of the first 9 months of the year. AWP consensus analysts expect sales of 5.31 billion Swiss francs, with organic growth of 3.3%. In the 3rd quarter alone, organic growth should be 2.7%. The trend towards destocking among customers risks having concentrated the volumes sold between July and the end of September as well, as in the first six months of the year already. Turnover will also have suffered from unfavorable exchange rate effects, but price adjustments will have provided some compensation.
On the broader market, the packaging specialist Vetropack (-0.7%) has postponed the commissioning of a melting furnace at its Czech site in Kyjov until the beginning of 2024. This postponement of a few months follows a change in the market situation in Europe for glass packaging, the Vaud company said on Wednesday.
The producer of wireless communication and geolocation chips U-Blox (-1.4%) suffered an even greater drop than expected in its revenues between July and the end of September, attributed to a phenomenon of saturation of stocks among its customers .
The cabling machine manufacturer Komax (-3.5%), whose action was reclassified to “underweight” by the Zurich Cantonal Bank (ZKB), also posted a sharp decline.
The exceptional dividend proposal of 3 Swiss francs per share for the past financial year published by the real estate company Varia US (+6.9%) received an enthusiastic reception. An extraordinary general meeting will have to give the green light on November 3.
The struggling battery producer Leclanché (+3.0%) has won a contract with Lafarge in France, a subsidiary of Holcim. The Vaudois will provide a battery system which will be integrated into a river tug. Financial details of the transaction were not detailed.
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