Zurich (awp) – The Swiss stock market gained further ground on Wednesday. After hesitating on the direction to take in the morning, the SMI has settled definitively in the green. He also surpassed 10,900 points in the second half of the afternoon and finished close to his high of the day. Swiss Life attracted the attention of investors after the publication of its interim report.
In New York, Wall Street caved in in the morning, awaiting the results of the midterm elections that did not see the expected Republican wave coming.
“The market is down because we don’t have all the results yet, so this election is a pretext to take profits” after several days of high for the New York Stock Exchange, commented Peter Cardillo of Spartan Capital.
“Whatever the outcome, the margins will be very tight and we are heading towards government paralysis anyway,” added this expert. Then there are few political changes to be expected, both in the regulations of the banking or energy sector, for example, and in the tax code, which must not displease the financial markets.
The SMI closed 0.71% higher at 10,904.33 points, with a high of 10,911.45 points and a low of 10,803.04 points. The SLI gained 0.48% to 1654.41 points and the SPI 0.74% to 13,946.62 points. Of the 30 stocks, 21 rose and nine fell.
Swiss Re (+ 2.1%) precedes Swisscom (+ 1.7%), as well as Temenos and AMS Osram (each + 1.5%) on the podium of the day.
In Temenos, the minority shareholder Petrus has reignited hostilities. He is calling for a complete overhaul of the company’s strategy and calling for the dismissal of the CEO and president, believing his concerns about the management and future of the software developer, raised in October, are far from being considered.
Heavyweights Novartis (+ 1.2%), Roche and Nestlé (each + 1.1%) supported the index.
Richemont (+ 0.6%) will publish the results for the first half of the financial year 2022/2023 on Friday. The data will be difficult to compare with the previous year due to the ongoing sale process of its subsidiary Yoox-Net-a-porter (YNAP) to UK Farfetch. In the copy presented, YNAP will be part of the “assets held for sale” section.
Swatch (-0.2%) did not keep up with the competitor from Geneva.
Swiss Life (+ 0.5%) did not escape the appreciation of the franc or the turmoil in the financial markets in the first nine months of the year. In local currency, however, the Zurich-based life insurance giant is claiming rising revenues, particularly from the fee-generating businesses it has focused on for years.
On the losing side, Credit Suisse (-3.2%) finished at the bottom behind Straumann and Logitech (-1.8% each).
The two-ply bank plans to donate $ 31.3 million from the liquidation proceeds of one of the Supply Chain Finance funds, linked to the failed British factoring firm Greensill, bringing the total funds repaid to approximately $ 667 million.
Barclays took over Logitech’s hedging with a buy recommendation (“overweight”) and a price target of $ 65. The analyst considers the stock of the Valdo-Californian group undervalued like no other in the industry. Considering the sharp price contraction since mid-2021, the expert sees an opportunity for investors to invest in the cheap stock
Julius Bär lowered Straumann’s price target on Tuesday and confirmed “hold”. The dental implant manufacturer is a high-quality stock for long-term oriented investors, according to the analyst.
UBS (-0.2%) also lost ground, while Julius Bär (+ 0.6%) gained ground.
In the broader market, Dufry (+ 0.5%) won a tender for the management for the next 15 years of the stores in the new terminal 2 of Bangalore airport in South India.
Bobst (+ 0.6%) confirmed to the attention of the financial community its annual objectives presented at the end of July, as well as its strategic roadmap. Returning to JBF Finance’s takeover bid, the Mex group indicates that the decision regarding the delisting of its stock from SIX Swiss Exchange should be taken by the end of the current month.
rp / al