Equities in Switzerland close a little firmer – Geberit firm according to figures

ZURICH (Dow Jones) — The stock market in Switzerland closed with slight gains on Thursday. The US Federal Reserve minutes presented the night before were “at least not more hawkish than feared,” said the stock exchange. The US Federal Reserve wants to raise interest rates until inflation falls significantly, but it also faces the risk of tightening monetary policy in view. Overall, restraint continued to prevail after the market had grown significantly from the end of June. Participants also referred to thin sales during the holiday season.

The SMI gained 0.3 percent to 11,161 points. In the 20 SMI stocks, there were 15 price winners and five losers. 16.47 (previously: 26.52) million shares were traded.

Geberit came under pressure after showing numbers. The course fell in Zurich by 1.4 percent. Jefferies believes that a series of robust results appears to have ended with the release of the second quarter. EBITDA is around 8 percent below consensus and the first quantitative guidance for 2022 implies EBITDA around 3 percent below consensus.

Market participants rated the interim report of the Zur Rose pharmacy group positively. The share rose by 8.4 percent. The company now wants to reach profitability on an EBITDA basis in the coming year and not only in 2024. In the first half of the year, the adjusted EBITDA loss was 49.2 million francs and thus below the expectations of the Jefferies analysts, who at minus 55 million had expected. Sales are also slightly above Jefferies forecasts.

The RBC analysts commented positively on the half-year figures from Siegfried Holding, whose shares rose 15.7 percent. Sales beat market expectations by 8 percent and EBITDA by as much as 18 percent. The company has subsequently raised its full-year 2022 revenue guidance and also revised upwards its EBITDA margin guidance – supported by a strong first half and effective management of macroeconomic conditions including the preparedness for the gas shortage in Europe.

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(END) Dow Jones Newswires

August 18, 2022 11:40 ET (15:40 GMT)

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