Declining trading volume on SIX in 2023
Published: Wednesday, Jan 3rd 2024, 16:30
Updated At: Thursday, Jan 4th 2024, 00:58
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Trading volumes on the Swiss stock exchange SIX fell significantly in 2023. The number of trades was also significantly lower than in the previous year. In contrast, slightly higher volumes were measured on the Spanish stock exchange BME.
The trading volume on the Swiss stock exchange fell by 13.4% year-on-year to CHF 1046 billion last year, as the stock exchange operator SIX Group announced on Wednesday. The number of trades fell by around a quarter to 46.1 million.
Volumes had already declined in 2021 and 2022. At the end of 2023, the blue chip SMI index was up 3.8% on the previous year.
Sandoz als "Highlight"
A total of 10 new companies were listed on the Swiss stock exchange last year, after 14 companies had ventured onto the trading floor in 2022. According to SIX, the "highlight of the year" was the listing of the Novartis spin-off Sandoz with a market capitalization of around CHF 10.5 billion.
In addition, the R&S Group was the first company to be floated on the stock exchange through a merger with a SPAC, which are listed shell companies formed to acquire unlisted companies.
In addition, 8 Chinese companies listed so-called GDRs on the Swiss stock exchange, with a volume of CHF 2.4 billion. Companies that are already listed also made active use of the opportunity to raise capital, the report continued. Equity increases totaling CHF 8.3 billion were carried out in 2023, compared to CHF 7 billion in the previous year.
Share turnover down almost 15 percent
Broken down by trading segment, turnover in equities (including funds and ETPs) fell by 15.2% last year to CHF 802.5 billion. In contrast, trading turnover in bonds rose by 10.7% to CHF 171.6 billion.
Turnover in the smaller segments of ETFs and securitized derivatives fell sharply. Turnover here fell by around a third compared to the previous year. However, in terms of the number of ETFs and structured products offered, new record levels were achieved in 2023, according to the press release.
BME with higher volumes
Last year saw a positive development on the Spanish stock exchange, which was taken over by SIX in 2020. The BME closed the year with 2.29 billion transactions, an increase of 2.1% compared to 2022. Capitalization increased by almost 17% to 1.2 trillion euros.
In mid-December, however, SIX announced a goodwill impairment of CHF 340 million in connection with the acquisition of BME. Together with a further value adjustment on the investment in Worldline, this will have a negative impact of CHF 1.0 to 1.1 billion on SIX's consolidated result for 2023.
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