FX.co ★ Swiss Market Ends On Firm Note

The Swiss market ended Monday on a positive note, aligning with the upward trends observed in most European markets. Market participants evaluated data concerning retail sales and a report on Switzerland's manufacturing performance.

The Swiss Market Index (SMI), which initially dipped to 11,723.61 in early trading, later ascended to a peak of 11,862.41 by mid-afternoon, ultimately closing at 11,829.24. This represented a gain of 65.04 points or a 0.55% increase.

Richemont saw a notable rise of 2.57%, followed by Sika, which increased by 1.84%, and Swiss Re, up 1.58%. Logitech International and ABB both recorded gains close to 1.5%.

Holcim experienced a 1.2% uptick after reaching an agreement to divest its 83.81% stake in Lafarge Africa to Huaxin Cement, valued at an equity worth of $1 billion. The transaction is expected to finalize in 2025.

Kuehne + Nagel saw a 1.28% increase by the end of trading. Zurich Insurance Group, Geberit, Schindler Ps, Givaudan, and Lonza Group also achieved moderate gains.

Conversely, Sandoz Group closed down by approximately 3.1%. The VAT Group and Julius Baer saw decreases of 1.45% and 1.3%, respectively, with Swatch Group, Alcon, and Swisscom ending with slight declines.

In economic updates, Switzerland's procure.ch Manufacturing PMI decreased to 48.5 in November 2024, down from 49.9 in October, falling short of market expectations of 49.4.

October marked the fourth consecutive month of growth in Swiss retail sales, albeit at a slightly slower rate than anticipated, according to data from the Federal Statistical Office.

Year-over-year, retail sales increased by 1.4%, following a 1.8% rise in September. The food, drink, and tobacco sectors noted annual growth of 0.3%, while the non-food sector saw a 3.2% increase.

Month-to-month, retail sales dipped by 0.1% in October, in contrast to a 0.7% decrease in September, marking the second successive monthly uptick.

In nominal terms, retail turnover grew by 0.1% annually, although sales declined by 0.2% over the month.