The Swiss market concluded Monday on a strong note, continuing its lengthy winning streak, buoyed by favorable quarterly earnings and the anticipation of interest rate reductions.
The benchmark Swiss Market Index (SMI) advanced by 91.33 points, or 0.76%, closing at 12,037.99. The index reached a new 52-week high, peaking at 12,046.39 during the session.
Richemont surged 5.31% following a rating upgrade. Jefferies increased its price target for Richemont to 165 Swiss francs from 155 francs. UBS, Telsey Advisory Group, and Bryan, Garnier & Co also raised their price targets for the stock.
Swatch Group and Swiss Re rose by 2.57% and 2.28%, respectively. Givaudan and Nestle enjoyed gains of 1.78% and 1.26%.
Roche Holdings, Logitech International, Lindt & Sprüngli, Zurich Insurance Group, and UBS Group posted moderate gains. ams OSRAM, Georg Fischer, Flughafen Zurich, and Helvetia also finished higher.
Swiss Life Holdings fell 5.43%. Sonova, Straumann Holdings, VAT Group, Partners Group, Kuehne & Nagel, Alcon, Schindler Ps, Sandoz Group, and Geberit recorded declines ranging from 0.7% to 2%.
Meyer Burger Tech plummeted by 6.5%. Tecan Group decreased by about 3%. BKW, Adecco, SGS, and Julius Baer ended the session with slight losses.
