The Switzerland market ended on a firm note on Monday, extending its long winning streak, as the mood continued to remain positive thanks to strong quarterly earnings, and expectations of interest rate cuts.
The benchmark SMI ended with a gain of 91.33 points or 0.76% at 12,037.99. The index touched a high of 12,046.39, a new 52-week high.
Richemont rallied 5.31% following a rating upgrade of the stock. Analysts at Jefferies raised their target price on the stock to 165 Swiss francs from 155 francs. A few others including UBS, Telsey Advisory Group and Bryan, Garnier & Co have also raised their targets on Richemont.
Swatch Group and Swiss Re gained 2.57% and 2.28%, respectively. Givaudan climbed 1.78%, and Nestle ended 1.26% up.
Roche Holdings, Logitech International, Lindt & Spruengli, Zurich Insurance Group and UBS Group posted moderate gains. ams OSRAM, Georg Fischer, Flughafen Zurich and Helvetia also closed higher.
Swiss Life Holdings dropped 5.43%. Sonova, Straumann Holdings, VAT Group, Partners Group, Kuehne & Nagel, Alcon, Schindler Ps, Sandoz Group and Geberit lost 0.7 to 2%.
Meyer Burger Tech tumbled 6.5%. Tecan Group ended lower by about 3%. BKW, Adecco, SGS and Julius Baer also closed weak, albeit with less pronounced losses.
SMI Hits New 52-week High, Ends On Strong Note Again
2024-05-20 17:41:10
