2023-09-08 16:16:08
Zurich (awp) – The Swiss stock market did not manage to emerge from its torpor on Friday, closing down at the end of a session largely spent in the red. The rebound in the American markets and other European markets was of no help. Investors were holding their breath before next week, which will be marked by the monetary policy decision of the European Central Bank (ECB) and inflation in the United States in August.
Unicredit analysts expect the ECB to increase its key rates by 25 basis points on Thursday “before the window closes”. The Federal Reserve will follow on September 19 and 20 and the Swiss National Bank on September 21. “Equity markets should remain directionless in the coming weeks. Monetary tightening by central banks should weigh on growth stocks,” added the experts from the Italian bank in a commentary.
The specialists at CMC Markets, for their part, estimated that investors were holding back before a week which could promise to be crucial. “One of the reasons for investors’ risk aversion are the sales (of securities) of the most highly valued company in the world, Apple”, a few days before the presentation of the new iPhone, they added in a note. The action is indeed suffering from new Chinese measures which want to extend the ban on the use of iPhones in state agencies and companies.
On the Swiss Stock Exchange, the flagship SMI index ended the day down 0.41% to 10,948.59 points, after a high of 10,998.54 shortly after the opening and a low of 10 ‘911.43 points. The SLI ended down 0.56% at 1,726.53 points and the broader SPI market index lost 0.43% to 14,429.81 points.
The majority of star stocks closed in the red, with the biggest losses recorded by Sonova (-3.2%), Straumann (-3.0%) and Sika (-2.6%), after a session largely spent in retreat.
In banking, UBS (-0.7%) reduced its losses somewhat, failing to benefit from an increase in the price target by Vontobel from 22 to 26 Swiss francs and a purchase confirmation.
The two heavyweights Nestlé (+0.02%) and Roche (+0.02%) were narrowly placed on the right side of the scale, while Novartis (-0.6%) fell further behind.
SGS (+1.5%), the Lindt participation bond (+1.0%) and Richemont (+0.8%) remained at the top of the table.
On the broader market, Georg Fischer (-1.6%) moderated his offer for the Finnish pipe specialist Uponor to 28.50 euros per share, compared to 28.85 euros so far. The adjustment responds to the payment of a dividend of 35 euro cents to shareholders of the Scandinavian group, scheduled for September 20.
Belimo (-5.5%) suffered from a comment from UBS. Analysts from the three-key bank predict strong headwinds for the Zurich holding company between the end of 2023 and the beginning of 2024, reiterating their sell recommendation and the price target set at 348 Swiss francs.
The banking group EFG International (+2.4%) will materialize next week its intention to acquire up to six million of its own shares. The buyback program announced at the end of July will begin next Monday on a second trading line on the Swiss Stock Exchange. Registered shares repurchased at the market price will be cancelled.
The German chemist Altana will begin on September 25, via its subsidiary Elantas, its public purchase offer (OPA) on the entire share capital of the Zurich industrialist Von Roll (+0.2%), at a price of 86 cents per cash security. The offer period will end on October 27 and the transaction is expected to close in November.
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