FX.co ★ Swiss Market Ends On Weak Note

The Swiss market ended on a low note on Monday, with investors taking a cautious approach ahead of the Federal Reserve's monetary policy announcement. The leading index SMI finished with a loss of 52.50 points or 0.45% at 11,623.63, which was around 30 points above the day's lowest level of 11,593.41.

Investors' confidence was tested when Logitech International's stocks plummeted nearly 7% following the company's announcement that its CFO Charles "Chuck" Boynton would be leaving. A successor's appointment has been promised for a later date. Other brands such as Richemont, Sonova, Kuehne & Nagel, Swiss Life Holding, Alcon, Nestle, and Roche Holding also reported losses between 0.5 to 1%. UBS Group, Geberit, and Swisscom finished weak as well.

Contrarily, Givaudan saw a rise of about 1.25%. Lonza Group and Sika advanced, ending higher by 0.84% and nearly 0.5% respectively, as did Swiss Re and Partners Group, which gained 0.75% and 0.7% respectively.

In the Mid Price Index, Meyer Burget Tech plummetted 28%. Temenos Group and Baloise Holding experienced losses of 4.7% and 2.05% respectively. Furthermore, losses of 0.8 to 1.5% were recorded for Barry Callebaut, BKW, VAT Group, Swiss Prime Site, Tecan Group, Swatch Group, and Helvetia.

Julius Baer recorded a slight drop of 0.7% due to its forecast of above 10% annual growth in adjusted pre-tax profit over 2023-2025, along with a projected pre-tax margin of 28 to 31 basis points by 2025, and an adjusted cost/income ratio below 64% by 2025.

Concluding on a positive note, ams OSRAM AG advanced by 1.54%. Ems Chemie Holding also gained about 1.1%, with Galenica Sante and SGS both recording moderate gains of a little over 0.5%.