Swiss stocks experienced some late-afternoon recovery on Friday but ultimately concluded the trading session on a softer note. Market sentiment remained cautious due to ongoing concerns about the global economic outlook amid U.S. tariff threats, potential U.S. government shutdowns, and recent hawkish statements from the Federal Reserve suggesting fewer interest rate cuts next year than previously anticipated.
The Swiss Market Index (SMI) sank to a midday low of 11,248.40 before finishing the session with a decline of 29.92 points, or 0.26%, at 11,394.92.
Sika saw a significant decrease, closing nearly 2.5% down. Holcim and Zurich Insurance Group also ended lower by approximately 1% each. Other notable declines included UBS Group, Swisscom, Partners Group, Geberit, Swiss Re, Novartis, and Nestle, with losses ranging from 0.3% to 0.7%.
Idorsia's stock plunged over 50% following the announcement of a delayed rights agreement concerning its hypertension medication, Tryvio.
On the upside, Adecco increased by around 1.7%, while SIG Group rose by 1.33%. Sonova, Swatch Group, and VAT Group closed higher, achieving gains between 0.7% and 1%. Lonza Group notched a rise of 0.53%.
According to data released by the Swiss National Bank, Switzerland's current account surplus decreased to CHF 6.3 billion in the third quarter of 2024, down from a revised CHF 16 billion in the same period the previous year.
