The Swiss Market Index (SMI) advanced 0.1% to 14,400 points on Friday, underperforming European peers despite improving economic signals across the region. Defensive heavyweights Roche and Novartis weighed on gains, falling 1.5% and 0.7% respectively, while Nestlé eked out a marginal 0.1% gain.
The SMI’s 15-5 split between advancers and decliners reflected limited market momentum, with turnover totaling 15.24 million shares, down from 18.78 million the prior session. Richemont led gains with a 1.8% rise, followed by UBS (+1.7%) and Givaudan (+1.5%). Logistics firm Kühne + Nagel and industrial group ABB also contributed, advancing 1.3% and 1.0% respectively.
Swiss equities showed little reaction to remarks from U.S. Federal Reserve Chair Warsh at the Jackson Hole symposium, which were interpreted as marginally hawkish and raised speculation of a potential September rate hike. The comments failed to generate significant directional impetus.
Flughafen Zürich AG was the day’s sharpest decliner, dropping 7.7% after reporting lackluster profitability and a cautious outlook. Investors also cited delays to the Noida International Airport project near Delhi, attributed to regional geopolitical tensions linked to the Iran conflict, as a further drag on sentiment.
