The Swiss Market Index (SMI) rose 0.5% to 14,601 points on Wednesday, closing in on its recent record high of 14,669.51, as construction shares led gains while healthcare lagged. The broader Swiss Performance Index (SPI) gained 0.5% to 20,516, while the mid-cap SMIM edged up 0.1% to 3,175.
Construction stocks Amrize and Holcim each advanced 2.4%, with Sika up 1.5%, while heavyweight Nestlé contributed 0.7% to the SMI. By contrast, Novartis and Roche were essentially flat, with changes of -0.0% and +0.1%, respectively. At the index’s tail, Kühne+Nagel slipped 0.5% as negotiations between Iran and Oman over shipping regulations in the Strait of Hormuz progressed, a development that had previously supported freight rates.
Technology shares showed mixed performance ahead of Nvidia’s quarterly results, with Logitech up 0.9% and VAT +0.1%, while Inficon gained 1.8% on a positive study. Among mid-cap outperformers, Gurit surged 26% after posting first-half results that exceeded expectations on profitability and raising its outlook. Stadler Rail jumped 19.3% following first-half figures that surpassed analyst estimates across key metrics, reinforcing confidence in medium-term targets. SoftwareOne rose 14% as synergies from the Crayon acquisition boosted profitability beyond expectations, leaving room for further upside.
Addex Therapeutics advanced 11% after raising $2.8 million via an at-the-market equity facility, extending its cash runway to Q4 2027. Conversely, Kudelski fell 4.9% after reporting continued losses.
In sector terms, basic materials (+1.6%), consumer cyclicals (+1.3%) and financials (+0.5%) led gains, while healthcare (-0.2%) and real estate (-0.02%) lagged. UBS adjusted its rating on SAP to Neutral from Buy while raising its price target to €201 from €164, citing reasonable valuation but fragile investor sentiment. SAP’s stock fell 4.5% in early trading as agentic AI integration progress remained slow, limiting monetization and increasing the risk of customer defections to alternative AI solutions. A slowdown in the Current Cloud Backlog was also flagged as a likely scenario for the second half.
U.S. equity futures were mixed ahead of Nvidia’s earnings release and key U.S. data, including the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge. Dow Jones futures were up 0.01%, S&P 500 futures down 0.1% and Nasdaq-100 futures down 0.2%. Market participants warned that expectations for Nvidia’s results—with whispers of revenue potentially more than doubling—remain exceptionally high, raising the risk of disappointment even amid strong figures.
