ZURICH (Dow Jones)–The volatile development on the Swiss stock market this week with alternating gains and losses continued on Friday. After the slight surcharges the day before, trading now closed with levies. The overarching focus continued to be on the topic of interest rate cuts. Here, the European Central Bank (ECB) and the US Federal Reserve are likely to move at a much more leisurely pace than the markets expected, according to one observer.
The fact that the US Congress agreed on details of transitional financing until the beginning of March was seen as slightly positive for investors’ willingness to take risks – thereby preventing a government shutdown immediately before the deadline.
The SMI fell by 0.3 percent to 11,151 points. Of the 20 SMI values, there were eleven price winners and nine losers. 25.98 (previously: 18.79) million shares were sold.
When it comes to individual stocks, the Richemont share maintained the previous day’s significant price increase of over ten percent and showed little change. Also supported by further positive analyst comments. UBS has raised its price target to 149 from 136 francs and confirmed its buy recommendation. In an increasingly uncertain industry environment, Richemont delivered stronger-than-expected third-quarter results, analysts said.
The Temenos titles gained 2.6 percent. The banking software manufacturer has published preliminary figures for the fourth quarter. Both sales and EBIT were above the previous year’s level. The company did not provide an outlook.
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DJG/ros/cln
(END) Dow Jones Newswires
January 19, 2024 11:38 ET (16:38 GMT)
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