The Swiss Market Index edged up 0.21% to 14,477.43 on Tuesday, recovering slightly from a weak start to the week as geopolitical and trade-policy risks weighed on sentiment.
The SMI’s advance contrasted with continued caution over U.S. threats of secondary sanctions targeting Iran’s trade partners, which could trigger collateral damage in regional commerce. Brent crude slipped about 1% to around $91 per barrel, though prices remained elevated amid lingering Middle East tensions. Bitcoin extended its recent rally, briefly surpassing $80,000 for the first time since mid-May, while gold and silver eased after prior gains.
Among SMI components, 14 issues rose while six declined. Logitech led with a 1.9% gain, followed by ABB at 1.7%, both rebounding after Monday’s losses. Amrize fell 2.2% as the surprise departure of its CFO unsettled investors. Nestlé slipped 0.5%, pressured by broader weakness in consumer staples names including Barry Callebaut and Lindt, each down 0.7%.
Technology shares rebounded ahead of Nvidia’s earnings, with semiconductor-related stocks such as VAT, Comet and Inficon rising more than 2%, while AMS Osram surged 5.5%. Swissquote advanced 1.2% as cryptocurrency prices continued to climb. TX Group and SMG were among the strongest performers, up 4.9% and 9.5% respectively, after analysts highlighted robust half-year results and TX Group increased its stake in SMG to 31.4%. The Genfer Kantonalbank and Liechtenstein’s VP Bank also gained 3.7% and 1.4% after posting strong first-half earnings.
Orior tumbled 9.5% after cutting its full-year guidance, while Molecular Partners dropped 4.0%. Arbonia pared early losses to finish 0.3% lower after reducing its EBITDA guidance due to software implementation issues. Leonteq fluctuated sharply after announcing an extraordinary general meeting to discuss a potential share buyback, ending 2.3% lower.
Analysts also adjusted ratings and targets for several Swiss firms. Vontobel maintained a Hold rating on Allreal with a CHF 213 price target following minor estimate tweaks. Berenberg downgraded DKSH to Hold from Buy with a CHF 68 target. Berenberg lifted Emmi’s target to CHF 950 from CHF 900 while keeping a Buy rating. UBS cut EFG International’s target to CHF 17.20 from CHF 20.70 but retained a Neutral rating.
Siegfried saw multiple target revisions: Vontobel trimmed its target to CHF 100 from CHF 105 while maintaining a Buy rating; Octavian set a CHF 115 target with a Buy call; Stifel kept its Buy rating and CHF 105 target unchanged. UBS raised Sika’s target to CHF 230 from CHF 220, maintaining a Buy. Kepler Cheuvreux lifted Swiss Life’s target to CHF 940 from CHF 870 with a Hold rating. Barclays reduced its rating on Swiss Prime Site to Equal Weight from Overweight and cut its target to CHF 125 from CHF 160.
In broader European trading, the DAX and CAC 40 also posted gains, supported by unexpectedly strong German economic data and the drop in oil prices. The DAX was up about 0.5% to 26,206.01 by mid-morning in Frankfurt.
