FX.co ★ Swiss Market Ends Slightly Up

On Monday, the Swiss market, after an initial upbeat opening followed by a dip into negative territory by mid-morning, regained its footing shortly after noon. It maintained a position above the break-even point to conclude the session with modest gains.

The SMI index, which had dropped to 11,951.53 shortly before noon after an initial climb to 12,049.01 early in the trading day, ultimately closed at 12,008.70. This represented an increase of 11.61 points, or 0.1%.

Richemont experienced a rise of just over 2% following the announcement of an agreement to sell its online luxury and fashion retail division, Ynap, to the digital luxury multi-brand platform Mytheresa. The deal, which involves Richemont exchanging this business for a 33% stake in Mytheresa, is projected to finalize in the first half of 2025. Richemont is noted for its ownership of luxury labels like Cartier and Buccellati.

Swatch Group saw an increase of nearly 3%, while UBS Group closed with a gain exceeding 2%, and Julius Baer rose by 1.31%.

Additionally, shares of Sandoz Group, Sonova, Logitech International, Schindler, and Roche Holding increased, registering gains between 0.6% and 0.8%.

Data from the Swiss National Bank indicated that the foreign exchange reserves surged to CHF 715.581 billion in September, marking the highest level since May. This follows an upward revision of CHF 693.921 billion recorded in August.