Despite a promising start, the Swiss market dipped slightly on Monday, largely due to a sell-off in the late afternoon. Investor sentiment was marked by prudence as they awaited several crucial data disclosures for April, including Swiss inflation figures, retail reports, and manufacturing activity.
The primary SMI index, which witnessed relatively minimal fluctuations, marked a loss of 11.96 points, translating to a 0.11% drop, and closed at 11,332.36. The SMI hit a session high of 11,392.82 and a low of 11,332.36.
Sandoz Group enjoyed a 2.2% increment, while Zurich Insurance recorded a 1% gain even after reporting a yearly shrink in its Swiss solvency test ratio owing to its 2023 dividend, proposed share buy-back, repayment of debt, and specific acquisition transactions.
Companies like Julius Baer, Swatch Group, Swiss Life Holding, ABB, Swiss Re, and Kuehne & Nagel managed to climb between 0.7 to 1%. Firms such as Geberit, SIG Group, Sonova, Straumann Holding, Partners Group, and Swisscom secured modest profits.
Roche Holding saw a rise in stock value after a committee from the European Medicines Agency greenlit its multiple sclerosis medication, Ocrevus, in subcutaneous form. Should this receive authorization, Ocrevus will become the first and sole biannual injection aimed at managing this immune disorder.
On the other hand, corporations such as Lindt & Spruengli, VAT Group, SGS, and Lonza Group suffered losses ranging from 1 to 1.6%. Meanwhile, companies like Novartis, Nestle, and Givaudan fell between 0.5 to 0.7% by the close of the day.
