Zurich (Reuters) – The Swiss stock market resumed its recovery course on Friday. Market participants said that in view of falling inflation rates, investors were counting on central banks to move away from raising interest rates in the fight against inflation.
Added to this are the sharp drops in oil prices, which provide companies and consumers with additional relief. The SMI rose by 0.9 percent to 10,742 points shortly before the close of trading. In a weekly comparison, the stock market barometer was heading for an increase of almost 1.8 percent. The market said that the effects of the war in the Middle East and Ukraine had faded into the background.
All 20 SMI titles rose. Financial stocks were primarily sought after. UBS climbed three percent to 23.15 francs. Zurich gained 1.6 percent, supported by a price target increase by Citi analysts. Another financial asset was sought with Swiss Life. Klingelnberg prices rose by 4.4 percent after the machine manufacturer increased order intake in the first six months of the financial year by 24.8 million euros to a new record level of 180.9 million. However, things went down for the generic drug manufacturer Sandoz and the solar company Meyer Burger.
(Report by Oliver Hirt, edited by Birgit Mittwollen. If you have any questions, please contact our editorial team at [email protected] (for politics and the economy) or [email protected] (for companies and markets).)