Zurich stock exchange: the SMI recovers after the debacle of the day before
Among the 30 star stocks, only Temenos could not move forward.
At 9:05 am, the SMI took 0.54% to 10’123.22 points, the SLI 0.6% to 1556.51 points and the SPI 0.39% to 12’638.88 points. Among the 30 star stocks, only Temenos could not move forward.
The banking software developer (-3.9%) saw its third quarter revenue decline while its operating profitability improved, but the results are below analysts’ expectations. The Genevan has also revised downwards part of its annual objectives.
The luxury group Richemont (+ 1.6%) temporarily occupied the top of the podium after announcing the resumption of its loyalty program for shareholders. Its competitor Swatch (+ 1.3%), in 3rd position, was also picking up, behind Lonza (+ 1.5%).
Heavyweights Roche (+ 0.1%), Nestlé (+ 0.8%) and Novartis (+ 0.5%) supported the main index at different speeds.
The Swiss Institute for Therapeutic Products (Swissmedic) has authorized the combination of the drug Tecentriq (atezolizumab) from Roche with Cotellic (cobimetinib) and Zelboraf (vemurafenib) in the treatment of patients with advanced melanoma with a so-called mutation “Braf V600E”.
Banks Julius (+ 1.0%), UBS (+ 0.7%) and Credit Suisse (+ 0.6%) also benefited from the general recovery.
At the level of the enlarged market, Conzzeta (+ 2%) ended the first nine months of 2020 with a net decline in turnover, but above the most optimistic expectations of the financial community. In the process, the diversified Zurich conglomerate confirms its annual ambitions.
VAT (-2.7%) did not profit from the publication of its results. The group continued on the road to growth in the third quarter, posting sales up more than a third over one year to 185.9 million francs.
While betting on caution in the face of the Covid-19 pandemic, the possible resumption of negotiations for a stimulus package in the United States seemed to be somewhat animating the markets. Wall Street for its part ended Thursday on a decline while reducing its losses at the end of trading, investors not believing in total containment in Europe despite the resurgence of coronavirus cases on the Old Continent. Donald Trump said Thursday he was ready to make a move to unlock, before the presidential election of November 3, negotiations on a new plan to support the American economy, in the context of the coronavirus pandemic. The American president has indeed argued that he could propose an envelope of more than 1,800 billion of dollars against 2,200 currently proposed by the Democrats.
At the macroeconomic level, some US figures namely retail trade, industrial production and consumer confidence for September will animate the afternoon session. (AWP)
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