FX.co ★ Swiss Market Ends On Firm Note

Swiss stocks witnessed a turnaround on Thursday, moving from negative to positive territory by the close of the session, mirroring the performance of other European markets.

The Swiss Market Index (SMI) began the day at its lowest point, hitting 11,652.40, but managed to recover, closing at 11,783.65, up by 79.84 points or 0.68%. The index reached as high as 11,801.07 during trading.

Key performers included Straumann Holding, which surged approximately 3.3%. Likewise, Logitech International and Kuehne + Nagel experienced gains of 2.97% and 2.63%, respectively. Swatch Group, Richemont, and Partners Group also saw increases ranging from 2.3% to 2.5%.

Additionally, SIG Group and VAT Group rose by 1.84% and 1.8%, respectively. Geberit, Nestle, Zurich Insurance Group, and ABB registered gains between 1% and 1.35%. Julius Baer, Novartis, Adecco, UBS Group, Swisscom, and Schindler Ps also finished the day with positive momentum.

Swiss Re experienced a modest increase of around 0.5%, despite reporting a significant decrease in third-quarter net income—falling to $102 million from $1.02 billion year-over-year. The group's revenue also declined. Nevertheless, Swiss Re anticipates that net income will surpass $3 billion for the entire year of 2024, assuming normal loss activities continue for the rest of the year.

Pharmaceutical company Curatis saw its shares jump nearly 10% following its announcement to file for a biologic license in the United States for its drug C-PTBE-01, targeted at treating diffuse midline glioma, a particularly aggressive brain tumor. This decision comes after a regulatory pathway review confirming the treatment's eligibility for application.

Conversely, Sandoz Group dipped by 1.4%, Alcon decreased by 1.01%, and Holcim showed a loss of 0.76%. Roche Holding, Swiss Life Holding, and Lindt Ps also concluded the session on a weaker note.