The Swiss market experienced a modest uptick on Friday despite a volatile trading session, as investors anticipated further interest rate cuts from global central banks following the European Central Bank's third rate reduction this year.
The Swiss Market Index (SMI) closed with a gain of 22.49 points, or 0.18%, settling at 12,326.76. Throughout the day, it fluctuated between 12,280.52 and 12,348.16.
Among the outperformers, Swatch Group saw a 2.2% increase. Straumann Holding, Adecco, Geberit, and VAT Group recorded gains ranging from 1.4% to 1.6%. Logitech International, UBS Group, and Julius Baer each advanced by 1% to 1.1%.
Lindt & Sprüngli, Richemont, Roche Holding, SIG Group, Partners Group, Kuehne + Nagel, and Givaudan also reported modest gains.
Comet surged approximately 4.3%, buoyed by a substantial 45.6% year-over-year increase in third-quarter net sales, reaching 113.2 million francs. The company estimates full-year 2024 net sales at the lower end of their guidance, between 440 million francs and 480 million francs.
On the downside, ABB slipped 1.59%, while SGS closed with a decline of 0.68%. Sonova and Swiss Life Holding also experienced modest losses.
