2024-02-14 08:31:05
Zurich (awp) – The Swiss stock market opened higher on Wednesday, going against the pre-market indications provided by Julius Bär. The sharp decline in the main American indices the day before, scalded by higher than expected inflation in the United States, did not seem to dampen the enthusiasm of investors in our latitudes.
While inflation remains high in Uncle Sam’s country, at 3.1% in January, compared to an expected rate of 2.9%, the rate cuts long awaited by the Fed risk becoming lighter. The consensus now expects four rate cuts of 25 basis points each by the end of the year.
At 9:10 a.m., the SMI rose by 0.14% to 11,153.37 points, the SLI gained 0.19% to 1805.92 points and the SPI gained 0.06% to 14,589.58 points. Of the thirty star stocks, 19 advanced, nine fell and two were stable.
At the top of the star stocks Schindler (+2.0%) was taking off. The elevator and escalator manufacturer significantly recovered its profitability last year, at the end of a 2022 financial year handicapped by persistent confinements in China. The jubilee of the 150th anniversary of the Zurich multinational results in an additional dividend of one franc for its shareholders, in addition to stable ordinary remuneration of 4 Swiss francs per participation certificate.
Logitech (+1.2%) occupied second place on the provisional podium, followed by Holcim (+1.0%).
Novartis (+0.2%) was the only heavyweight in the green, while Nestlé (stable), the voucher Roche (biggest loser, -0.4%) and the porter Roche (stable) were not of no support.
In the broader market, Stadler Rail (+0.5%) won an order for five additional Giruno trainsets from the Federal Railways (CFF) for around 170 million Swiss francs.
The Cantonal Bank of St. Gallen (+0.8%) continued its growth last year. Showing increasing revenues, the establishment in Eastern Switzerland saw its net profit jump 12.98% in the space of one year to 207.2 million Swiss francs. Shareholders will benefit from the strong performance, with a dividend increased from 2 Swiss francs to 19 Swiss francs per share being offered to them.
jh/ol
1707900969
#Zurich #Stock #Exchange #opening #green #concerns #February #a.m