FX.co ★ Swiss Market Ends Higher Again

On Wednesday, the Switzerland market briefly dipped into negative territory mid-morning after a positive start. However, it quickly rebounded and maintained a steady positive incline to end the session with a modest rise.

Data indicating an uptick in sentiment among Swiss investors had a positive impact on the market's performance. The benchmark SMI concluded by gaining 25.35 points or 0.22%, settling at 11,705.71.

According to a report by UBS and the CFA Society, the Swiss investor sentiment index for March 2024 increased by 1.3 points since the previous month to 11.5. This marked the highest reading since October 2021. This improved sentiment can be partly attributed to the Swiss National Bank's decision to slash their interest rate by 25 basis points to 1.5%.

Meanwhile, the current conditions index also witnessed a significant surge, climbing from 2.5 in February to 11.1.

In terms of specific stocks, Sonova saw a rise of 1.86%, while Richemont and Swisscom saw gains of 1.34% and 1.2% respectively. Kuehne & Nagel, Alcon, Swiss Life Holding, Novartis, Swiss Re and Nestle also ended with increases ranging from 0.5 to 0.7%.

On the other hand, Logitech International ended down by nearly 3%. Sika experienced a slight decrease of about 0.8%, while stocks like ABB, Givaudan and Partners Group ended slightly lower.

In the Mid Price Index, Meyer Burger Tech saw a substantial increase of nearly 25%. BKW rallied by 4.5%, while stocks like Swatch Group, Straumann Holding, Baloise Holding, Helvetia, Clariant, PSP Swiss Property, and Avolta saw gains ranging from 1 to 2.2%.

However, stocks like Temenos Group, Belimo Holding, VAT Group, and Ems Chemie Holding ended down by 1 to 1.4%.