On Thursday, the Swiss market concluded trading on a solid footing, in alignment with broader European markets, as investors showed confidence by purchasing stocks, despite ongoing worries about Middle Eastern tensions and the possible geopolitical ramifications of Donald Trump's potential re-election as U.S. President.
Market participants absorbed the Bank of England's latest interest rate decision and remained focused on the forthcoming monetary policy statement from the Federal Reserve.
The Swiss Market Index (SMI) concluded the session with an increase of 69.71 points, or 0.59%, settling at 11,917.00. It experienced an intra-day fluctuation, reaching as low as 11,855.47 and peaking at 11,990.69.
Swiss Re surged impressively by approximately 7.25%, as the company projected a group net income of $2.2 billion for the initial nine months of the year, alongside an anticipated $100 million for the third quarter.
Logitech International advanced by 3.56%. Additionally, Sika, Schindler Ps, Richemont, Lonza Group, and Holcim saw upticks ranging from 1.9% to 2.4%.
Straumann Holding, Geberit, VAT Group, Alcon, Swatch Group, Kuehne + Nagel, Adecco, Roche Holding, Partners Group, Julius Baer, and SIG Group recorded gains between 0.4% and 1.3%.
Conversely, Novartis, Sonova, and Givaudan closed with declines of 0.81%, 0.71%, and 0.41%, respectively.
According to data from the Swiss National Bank, the institution's foreign exchange reserves increased to CHF 718.829 billion in October, the highest level since April, following a revised figure of CHF 715.699 billion in September.
