The Swiss market experienced a modest uptick on Monday, closing slightly higher after spending much of the day in negative territory. It was a subdued session with investors hesitant to make substantial changes as they sought clearer direction in the market.
The Swiss Market Index (SMI) added 12.56 points to finish at 11,639.60, recording a slight increase of 0.11%. The index moved within a narrow band, ranging from 11,574.62 to 11,646.76.
Swiss Re saw a rise of approximately 2.2% following an upgrade from RBC Capital Markets, which increased the stock's price target to 128 francs, up from 120 francs. Alcon also rose by 1.81%, SGS advanced nearly 1.5%, and Lindt & Sprüngli closed 1.21% higher.
A number of companies including Givaudan, Richemont, Nestlé, Logitech International, Swiss Life Holding, Kuehne + Nagel, Zurich Insurance Group, UBS Group, Sonova, and SIG Group posted gains ranging from 0.5% to 1.1%.
Conversely, Julius Baer declined nearly 2%, while VAT Group, ABB, Sandoz Group, Roche Holding, and Lonza Group saw losses between 0.9% and 1.2%. Novartis and Geberit also ended the day weaker.
According to data from the Swiss Federal Statistical Office, Switzerland's industrial production grew 3.5% year-on-year in the third quarter of 2024. This growth rate marks a slowdown from the downwardly revised two-year high of 7% observed in the preceding quarter. On a seasonally adjusted quarterly basis, industrial activity rose by 0.3%, a marked slowdown from the revised 3.7% increase noted in the second quarter.