2023-09-12 09:31:04
Zurich (awp) – The Swiss stock market remained in the green on Tuesday as midday approached, still just above the 11,000 point mark. Investors are champing at the bit while awaiting the publication of inflation data (CPI) in August in the United States on Wednesday and monetary policy announcements from the European Central Bank (ECB) on Thursday.
“The ECB’s decision this week is by no means clear. The economy is slowing but inflation is unlikely to continue its downward slide, which argues in favor of both a pause or an increase by 25 basis points”, underlined Ipek Ozkardeskaya, analyst at Swissquote. She recalls that the European Commission has reduced the growth outlook for the euro zone, with GDP now expected to increase by 0.8%, compared to 1.1% previously.
Around 11:01 a.m. on the Swiss Stock Exchange, the flagship SMI index gained 0.38% to 11,014.71 points, the SLI gained 0.22% to 1734.84 points and the SPI 0.27% to 14,499.46 points. Of the thirty star stocks, thirteen advanced and 17 retreated.
Novartis (+1.6%) reinforced its gains, still at the top of the provisional ranking, followed by Partners Group (+1.6%) and Swisscom (+1.1%).
Roche (+0.8%) also supported the indices, while the third heavyweight, Nestlé (-0.1%) lagged behind.
At the bottom of the pack, we found the volatile AMS Osram (-1.4%), Sika (-0.9%) and Temenos (-0.6%).
Other technology stocks Logitech (-0.6%) and VAT Group (-0.5%) were also under pressure. The poor performance of American software developer Oracle, which published its interim results Monday evening on Wall Street, was a possible cause.
The insurers Swiss Life (+0.9%), Zurich (+0.6%) and to a lesser extent Swiss Re (+0.3%), were on the contrary in good shape.
On the broader market, Calida (stable) advanced after an announcement on the review of its activities. The lingerie manufacturer is paying the price for low consumer morale and is expecting a loss for the whole year.
Polypeptide (-7.1%) suffered from a lowering of recommendation by Citigroup, to “sell”, after “hold”, on the grounds that operational difficulties are weighing on profitability and that pressure on margins is expected to continue. . The price target was revised downwards, to 18 Swiss francs, from 23 Swiss francs.
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