FX.co ★ Swiss Market Ends Marginally Up After Choppy Ride

The Swiss market ended positively on Wednesday, despite experiencing a few dips during the day. This can be attributed to a sudden wave of purchasing in several counters during the last hour of trading.

The primary S&P/TSX Composite Index concluded the day with a slight increase of 21.87 points or 0.19%, finishing at 11,616.87. During the trading session, the index fluctuated between a low of 11,583.33 and a peak of 11,629.43.

Among the SMI components, Kuehne & Nagel emerged as the lead performer with a 3.37% rise. Other companies that experienced significant growth include Lonza Group which increased by 2.03%, and Richemont, Alcon, Logitech International, Geberit, UBS Group, and Holcim, each gaining between 1 to 1.25%.

However, Swiss Re witnessed a dip of 3.55% following the announcement that Andreas Berger will assume the role of Chief Executive Officer starting 1 July 2024.

Other losers for the day include Zurich Insurance Group which fell by 1.1%, and Nestle and Roche Holding which closed lower by 0.61% and 0.31% respectively.

In the Mid Price Index category, Clariant experienced a rise of 3.34% followed by Avolta which surged by almost 3%, and Swatch Group which climbed by 2.59%. Other gainers in this category include Ems Chemie Holding, ams OSRAM AG, SIG Group, PSP Swiss Property, VAT Group, and SGS, each gaining between 1 to 1.6%.

Meyer Burger Tech, a Swiss solar panel maker, dropped by more than 25% after successfully completing a capital increase through a rights issue.

Barry Callebaut also saw a decline, dropping 4.28%. Tecan Group, Lindt & Spruengli, Temenos Group, and Georg Fischer also suffered losses, declining by around 1.3 to 1.9%.