Swiss Market Ends On Firm Note Again

(RTTNews) - Swiss stocks turned in a fine performance on Friday, extending gains from the previous session, as some encouraging earnings updates and possibility of another rate cut from the Swiss National Bank helped underpin sentiment.

The benchmark SMI ended with a gain of 91.33 points or 0.76% at 12,037.99, slightly down from the day's high of 12,046.39.

Richemont shares climbed 5.31% after the company announced several changes to its board and management team. The company said group sales increased by 3% to 20.62 billion euros at actual exchange rates as it returned to a profit for the year ended March 31.

Richemont said the record sales were largely driven by the group's Jewellery Maisons, which are composed of the Buccellati, Cartier and Van Cleef & Arpels brands. The company's board also proposed a 10% increase in the dividend to shareholders, subject to shareholders approval for payment in September.

Swatch Group rallied 2.57% and Swiss Re gained about 2.3%. Givaudan ended 1.78% up, and Nestle advanced 1.3%.

Roche Holdings, Logitech International, Novartis and Lindt Spruengli gained 0.7 to 1%. Zurich Insurance Group and UBS Group posted modest gains.

Swiss Life Holding drifted down 5.43%. Sonova, Straumann Holding, VAT Group, Partners Group and Kuehne & Nagel lost 1 to 2%.

Data from the Federal Statistical Office showed Switzerland's industrial production slumped 3.1% year-on-year in the first quarter of 2024 from an upwardly revised 0.5% fall in the preceding quarter. On a seasonally adjusted quarterly basis, industrial production dropped 1% in the first quarter or 2024, slowing from an upwardly revised 1.1% fall in the previous quarter.