Swiss stock market ignites New Year’s fireworks thanks to heavyweights
Published: Wednesday, Jan 3rd 2024, 10:01
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On the Swiss stock exchange, the stock market year 2024 began on Wednesday with significant price gains. After the local benchmark index SMI lagged behind other stock exchanges abroad last year due to its defensive orientation, it is precisely these defensive stocks that are currently ensuring a brilliant opening.
At the start of the year in the USA and also to some extent in Europe, investors had again priced out the aggressive assumptions about interest rate cuts in the USA starting as early as March, explained one trader. This was evident the day before on the technology-heavy US stock exchange Nasdaq, which recorded heavy losses.
However, there is also another reason for the volatile start to the year. "We are currently seeing classic trading in the first few days of trading: some market participants are still on vacation and others are still on the sidelines at the start of the year," said one trader. This favors high swings. In the course of trading, the minutes of the US Federal Reserve meeting, the labor market data from the EU and the US and the ISM index are on the daily agenda.
The leading SMI index gained 1.10 percent to 11,259.66 points at around 9.15 am. By contrast, the 30-share SLI, in which the weighting of the heavyweights is more heavily capped, gained only 0.47%, while the broad SPI advanced by 0.9%.
Defensive heavyweights in the offense
With share price gains of up to 3.2%, the three heavyweights Roche, Novartis and Nestlé were largely responsible for the strong start. Both Roche and Novartis have also made a name for themselves in recent days with acquisitions and partnerships.
On the other hand, the weakness of US tech stocks also led to significant losses for technology stocks in Germany. Stocks such as VAT, Logitech and, from the back ranks, U-Blox, Comet, Inficon and AMS Osram traded at discounts of up to 3.6 percent.
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