Switzerland's market closed strongly on Wednesday, with stocks continuing to rise after a modestly weak start. A significant driver of the positive sentiment was the anticipation of further interest rate cuts by the Federal Reserve. Investors were also focused on the upcoming policy announcement from the Swiss National Bank.
The Swiss Market Index (SMI) closed 99.53 points higher, or up by 0.83%, at 12,148.39, just below the session's peak.
Straumann Holding led the gainers with a rise of 4.6%. Other notable performers included Givaudan, SIG Group, VAT Group, ABB, Richemont, Geberit, and Sika, all of which saw increases ranging from 2% to 2.6%.
Shares of Schindler Ps climbed by 1.88%. Additionally, Sonova, Swatch Group, SGS, and Holcim rose between 1.3% and 1.7%. Swisscom, Novartis, Julius Baer, Alcon, Swiss Re, Lindt & Sprüngli, Zurich Insurance, and Roche Holding posted gains of 0.5% to 1%.
Conversely, UBS Group shares dropped by 0.89%, Adecco declined by 0.72%, and Sandoz Group slid by 0.56%.
On the economic front, a report from UBS and the CFA Society revealed that the Swiss investors' sentiment index fell by 5.4 points from the previous month, reaching 8.8 in September 2024. This marked the second consecutive month in negative territory for the index.
