Swiss stocks concluded the week on a positive note, aligning with other European markets. This upbeat performance followed the release of weak manufacturing and services data from major European economies, including the U.K., Germany, and France. Such data fuelled optimism that central banks might implement further interest rate cuts to stimulate economic growth.
The Swiss Market Index (SMI) rose by 124.91 points, or 1.08%, finishing at 11,716.50. It fluctuated between a low of 11,605.35 and a high of 11,759.62 during the trading session.
Notable gains were observed in Partners Group, SIG Group, Sonova, Straumann Holding, Sandoz Group, and Novartis, each climbing between 2.3% and 3%. Geberit also closed nearly 2% higher.
Novartis' shares increased by 2.3% following the announcement of its acquisition of the U.S.-based biotechnology firm Kate Therapeutics in a deal potentially valued at $1.1 billion. Kate Therapeutics specializes in the development of gene therapies targeting neuromuscular diseases. This acquisition is poised to enhance Novartis' capacity to advance gene therapies for patients.
VAT Group saw a rise of 1.78%, while Julius Baer, Roche Holding, Schindler Ps, ABB, Logitech International, Holcim, Sika, Alcon, and Lindt & Sprüngli each closed with gains ranging from 1% to 1.3%.
Swiss Life Holdings, Swiss Re, Swisscom, Richemont, Kuehne + Nagel, and UBS Group also finished the day with a strong performance.
Shares of Pierer Mobility surged nearly 16% amid reports suggesting that Mark Mateschitz, a key stakeholder in the energy drink company Red Bull, might be interested in acquiring a stake in the Swiss-listed motorcycle manufacturer and its KTM subsidiary. However, Pierer Mobility has denied these media reports, stating that no such discussions are taking place.
