2023-07-07 15:29:45
5:58 p.m
The Swiss stock market fell back for the fifth time in a row on Friday and thus made a real false start to the second half of the year. Shortly before the close of trading, it was mainly the sagging Novartis that pulled the overall market down even more. For once, the eagerly awaited labor market report from the USA did not bring any positive surprises, but showed very robust data overall. According to initial assessments, the probability that the US central bank will raise interest rates once more in July remains high. According to Commerzbank, for example, the data are probably still too strong for the Fed’s taste.
The mood on the Swiss stock market has therefore clouded over significantly at the beginning of the second half of the year. The Schwyzer Kantonalbank sees no reason to panic. Although there are currently no valid reasons for a sustained upward trend, the profit prospects for companies are intact, writes the cantonal bank in an assessment. A drop in prices across the board is therefore unlikely, and the stock market is currently only taking a breather.
The FuW Swiss 50 Index finally advanced by 0.39% to 2,140.12 points. The SMI closed 1.02% lower at 10,874.9 points. In a weekly comparison, this resulted in a minus of 3.6%. A week later, at 1.4%, not even half of the solid annual plus of a good 5% at mid-year remains.
The SLI fell by 0.42% to 1708.08 points and the SPI by 0.72% to 14,377.80 points. In the 30 SLI values, winners and losers were divided equally.
The biggest losers at the close were Novartis (-3.2%). In market circles, reference was made to a negative court decision in the USA in connection with a Novartis blockbuster.
However, Roche (-2.0%) did not fare much better in second place. The losses in Nestlé (-1.3%) and Swisscom (-0.7%) also underline that defensive stocks were not sought following.
SGS (-1.4%), Lindt & Sprüngli (-1.2%) and, to a lesser extent, Zurich (-0.8%) were also under pressure.
Sika (-0.1%) followed on from the weak previous day, while the construction stocks Holcim (+0.1%) and Geberit (+0.8%), which were also weak on Thursday, recovered slightly or more significantly.
Tech stocks such as AMS Osram (+3.0%) as the daily winner, VAT (+2.3%) or Logitech (+2.2%) were clearly in demand. With the exception of Logitech, these have had a weak week despite the final spurt on Friday.
Adecco (+2.1%) also made a rebound following a weak previous day. The profits of Swiss Re, UBS and Temenos were also in the range of plus 2%.
The flow of news, however, was dominated by the back rows. There, a profit warning from Clariant (+4.9%) was offset by a forecast increase at Sulzer (+4.1%). After numerous competitors had already warned, the Clariant news were no longer a big surprise, it was said in market circles. Sulzer, on the other hand, presented strong figures for order intake in the first half of the year and raised the forecast for the full year.
The shares of the mail-order pharmacy DocMorris (+10.5%) once once more rose significantly following having risen almost 6% the day before. They continued to benefit from strong Thursday numbers from competitor Redcare Pharmacy (formerly Shop Apotheke).
Autoneum (-7.4%), on the other hand, was significantly reduced following being downgraded to “underweight” by the Zürcher Kantonalbank. After the strong run since autumn 2022, the bank now sees the title as highly valued.
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