2023-11-20 10:31:05
Zurich (awp) – The Swiss stock market was unable to get out of the red on Monday as midday approached. After a brief foray to the right side of the bar, its flagship SMI index had fallen below balance, and was moving within a narrow range, like its European counterparts.
The week that begins should “theoretically be calm with Thanksgiving on the horizon in the United States and the gradual end of the publication of company results”, predicts John Plassard, for Mirabaud Banque.
Investors will continue to scrutinize central banks, notably with the publication of the minutes of the last monetary policy meeting of the American Federal Reserve (Fed) on Tuesday.
“While the Fed is likely happy with the data developments, the minutes will be viewed in the context of the easing of financial conditions since the meeting,” writes Spi AM’s Stephen Innes.
Data on economic activity in November, including purchasing managers’ indices (PMI), will be published on Thursday in Europe and Friday in the United States.
At 10:45 a.m., the Swiss Market Index (SMI) fell by 0.01% to 10,735.84 points, the Swiss Leader Index (SLI) by 0.03% to 1,703.50 points and the broad market index Swiss Performance Index (SPI) by 0.09% to 14,111.33 points. Of the 30 blue chips, 19 gained ground and 11 lost ground.
Julius Bär (-9.7%) still occupied last place, following reporting a contraction in its assets under management at the end of the first ten months of 2023, despite an acceleration in inflows of new money. The Zurich asset manager does not expect to repeat last year’s strong performance in terms of net profit.
At the other end of the table, Richemont (+1.2%) had taken the lead, ahead of Sandoz (+1.1%), while Geberit and Kühne+Nagel (+0.7%) were scrapping for third place. from the podium.
Roche (good -0.3%, carrier -0.5%) has launched a new PCR testing system to improve screening and diagnosis, particularly of cancer and infectious diseases.
Novartis (-0.3%) to Present Positive Study Data on Kiskali, Iptacoman and Scemblix at San Antonio Breast Cancer Symposium (SABC) and Annual Meeting the American Society of Hemathology (ASH).
The third heavyweight Nestlé (-0.3%) also weighed on the index.
Swiss Re (+0.4%) saw its price target raised by Deutsche Bank, which confirms “hold”.
On the broader market, AMS Osram (-7.4%) published the details of its capital increase. Shareholders of the chip and optical sensor manufacturer will receive one subscription right for each share held. The subscription price was set at 1.07 francs per share.
Basilea (-0.1%) is preparing to receive a new milestone payment from its licensing partner Pfizer. Sales of the antifungal drug Cresemba in the Asia-Pacific region and China have crossed a threshold triggering a payout of $1.25 million.
Sensirion (+1.3%) suffered a setback in the patent dispute between it and a Chinese competitor in Germany. A judgment by a German court, which recognized an infringement of a Sensirion patent on particle sensors, is provisionally suspended.
Calida (+4.6%) has separated from its lingerie brand Erlich Textil as announced. The subsidiary acquired in 2022 was sold to its former owners as part of a “management buy-out”.
Edisun Power (stable) raised 25 million Swiss francs thanks to a bond issue maturing in 2028 and for which the initial fundraising target was set at 20 million.
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