2023-04-28 16:16:07
Zurich (awp) – The Swiss stock market ended on a positive note on Friday. The SMI evolved more or less clearly around the 11,400 point mark throughout the session and ended quite clearly above this level. Quarterly earnings season paused ahead of the May Day long weekend.
In New York, Wall Street gained a little ground in the morning, following an opening in scattered order. Investors were digesting a salvo of corporate results and new data on inflation in the United States. Ahead of a crucial US central bank meeting next week, inflation, as measured by the Fed’s favored PCE index, gave mixed indications. Admittedly, it slowed to 4.2% over one year in March once morest 5.1% the month before, which is good news.
However, the markets focused more on core inflation (excluding energy and food), which continued to rise over the month (+0.3% as in February) and only slowed by a tenth of a point over one year to 4.6%, down from 4.7%.
In Switzerland, the outlook is darkening for the economy this spring. If the deterioration concerns a majority of sectors of activity, manufacturing production, services and the hotel industry are particularly affected, noted the Center for Economic Studies (KOF) on the occasion of the publication of its monthly economic barometer. Private consumption is also showing signs of weakness.
The SMI ended up 0.66% at 11,437.14 points, with a high of 11,444.00 and a low of 11,378.82. The SLI gained 0.79% to 1782.96 points and the SPI 0.70% to 15,072.98 points. Of the 30 star stocks, 24 rose and 6 fell. Today’s podium consists of Logitech (+3.1%), AMS Osram (+2.6%) and Partners Group (+2.5%).
The maker of computer peripherals publishes its results for the 4th quarter of its shifted financial year overnight from Monday to Tuesday and should have suffered from the drop linked to the end of the coronavirus pandemic, according to analysts. In addition, the 4th quarter is traditionally weak for the Valdo-Californian. Experts predict a turnover of 897 million dollars and a net profit of 68.9 million.
AMS-Osram will also publish its first quarter results on Tuesday and the partial should have been complicated for the Austro-German, according to experts. Turnover is expected at 945 million euros and operating profit Ebit at 45.8 million.
Geberit (+2.2%) also presents its quarterly figures on Tuesday and experts anticipate an organic decline in turnover over one year, but an increase compared to the last quarter of 2022. Turnover is expected at 917 million of Swiss francs and net profit at 203 million.
Heavyweights Roche (+1.5%) and Nestlé (+0.7%) supported the index, while Novartis (-0.2%) weighed.
In banking, Credit Suisse and Julius Bär (each +0.9%) and UBS (+0.7%) gained ground.
The debacle of Credit Suisse and its takeover by rival UBS should not lead to “hasty conclusions” on banking regulation, according to Thomas Jordan. During the general meeting of the Swiss National Bank (SNB), the chairman of the executive board called for an “in-depth analysis”.
Zurich Insurance (+1.6%) clarified its financial health at the start of the year, now claiming a solvency ratio (SST) of 267% on January 1, once morest 265% at the beginning of February on the occasion of the presentation of its annual results.
Luxury stocks Richemont (-1.5%) and Swatch (-1.0%) fell the most, along with ABB (-0.4%).
In the broader market, Baloise (+4.5%) has appointed Clemens Markstein as the new managing director of its Swiss division and member of the group management. At their general meeting, the shareholders of the insurer agreed to drop the circumflex in the name of the company.
Ems-Chemie (+16.9%) recovered well following falling 6.6% the day before, in the wake of disappointing quarterly results.
Mikron (-1.7% or -20 cents) and SFS (-1.5% or -1.80 Swiss francs) were traded excluding dividends of 40 cents and 2.50 Swiss francs respectively.
Burkhalter (+0.2%) issued 47,682 registered shares as part of a capital increase intended to finance part of the takeover of Thurgovian Bötschi Holding.
Finally, Kinarus (-7.4%) and Spexis (unchanged) obtained authorization from SIX to postpone the publication of their 2022 annual report until the end of May.
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