The Swiss stock market experienced a downward trend Thursday after a stable opening, before gradually recovering by midday. Encountering a brief decline in the mid-afternoon, the market eventually closed on a positive note due to robust support for several key stocks in the closing hour.
The Swiss Market Index (SMI) concluded the day with an increase of 51.95 points, or 0.45%, settling at 11,591.59. During the session, it touched an intraday low of 11,495.82 and a high of 11,605.49.
Julius Baer delivered an impressive performance, with shares surging 4.71%. This was following the announcement of a 12% rise in assets under management, reaching 480 billion Swiss francs over the first ten months of 2024. Total client assets achieved a milestone of 570 billion francs, driven by buoyant stock markets and strong net inflows amounting to 11 billion francs. The Group's Common Equity Tier 1 (CET1) capital ratio improved to 16.7%. However, the gross margin narrowed to 83 basis points over the same period. The number of relationship managers increased by 46 full-time equivalents, totaling 1,389.
Julius Baer anticipates that the International Financial Reporting Standards (IFRS) net profit for 2024 will exceed the profit recorded in 2023 significantly.
Other notable gainers included Zurich Insurance Group, up by 3.13%, and Logitech International, which rose by 2.57%. Givaudan advanced nearly 1.5%, while VAT Group and ABB increased by 1.2% and 1.08%, respectively. Swiss Re, Lonza Group, Roche Holdings, Partners Group, Alcon, Novartis, and Swiss Life Holding all experienced gains ranging from 0.5% to 1%.
Conversely, SIG Group saw a decline of 3.6%. Moreover, Adecco, Lindt & Sprüngli, Swatch Group, and Straumann Holding recorded losses between 1.3% and 1.7%. Other companies like SGS, Richemont, Nestle, Sandoz Group, and Swisscom also ended the session on a weaker note.
