Swiss stocks remained optimistic until Wednesday afternoon, surpassing noon. However, they slightly declined and subsequently spent the rest of the day in the red. The critical SMI index started positively, reaching 11,498.95 an hour post-opening but concluded the session at 11,414.38, losing 26.07 points or 0.23%.
Sonova stocks saw a decrease of 3.5%. In the meantime, Nestle was down by 1.74%, while Geberit, Swisscom, and Logitech International lost between 1.25 to 1.4%. Sika also ended with a 1.1% loss, and Givaudan, Nvartis, and Roche Holding saw moderate losses too.
On the other hand, Alcon surged 5.3%. Coupled with that, Kuehne & Nagel had gains of around 2.1%, while Zurich Insurance Group and Richemont both concluded with an increase of about 1.15%. Additionally, ABB and Swiss Re earned 0.4% and 0.76% respectively.
Referring to the Mid Price index, Meyer Burger Tech fell by more than 8%. SIG Combibloc ended lower by 3.8%, and ams OSRAM AG closed with a 3.1% drop.
Furthermore, Avolta, Tecan Group, PSP Swiss Property, Straumann Holding, Ems Chemie Holding, and Clariant lost between 1.5 to 2.1%. In contrast, Galenica Sante, Sandoz, and Swiss Prime Site witnessed notable drops. Lindt & Spruengli, Schindler Ps, and Schindler Holding also lost between 1.3 to 1.7%.
In related news, a UBS & CFA Society report highlighted a significant surge in Swiss investors' sentiment index by 29.7 points from the previous month, reaching 10.2 in February 2024. This is the highest recorded rate in the past two and a half years, hinting at renewed optimism around the Swiss economy, partly owing to a rebound in exports. Nevertheless, the current conditions index fell to 2.5 from 5.6 in January.
