Zurich Stock Exchange: initial optimism fades from first trades

Zürich (awp) – The Swiss stock market suppressed early hopes for a recovery from early trading on Friday. Indexes returned to the basement less than half an hour after opening in the green, despite notable resistance from pharmaceutical heavyweights.

On the economic front, the Bank of Japan signaled overnight that it would scale back its massive purchases of domestic government bonds, without commenting on the scale of the measures or adjusting its key rate, which has been between 0.0% and 0.1% since March.

The day promises to be calm in our latitudes, the economic and listed companies’ calendars are practically empty.

At 9:15 the Swiss Market Index (SMI) was down 0.09% at 12,085.01 points, the Swiss Leader Index (SLI) was down 0.16% at 1,960.12 points and the Swiss Performance Index (SPI) was down 0.05 % to 160,060.51 points. Of the thirty major awards, only five are still adorned in green, while three are orbiting the starting point.

Pharmaceutical heavyweights moderated declines, with Novartis gaining 0.3%, while good Roche gained 0.2% and the eponymous carrier gained 0.7%. The multinational company in the blue hexagon visibly benefited from Bernstein’s increase in its price target.

Pharmaceutical subcontractor Lonza (+1.0), which benefited from the same treatment, topped the index.

Zurich Insurance (no change) pushed back the start date of its next 1.1 billion Swiss franc share buyback program to June 17.

In the broader market, Molecular Partners rose 21% after reporting preclinical success in mice. Idorsia gained 4.6%, a day after its AGM.

jh/fr

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