ZURICH (dpa-AFX) — Rotations are underway in the Swiss Market Index (SMI), with pharma names Galderma and Sandoz set to enter the benchmark and logistics group Kühne+Nagel and telecom operator Swisscom departing, the exchange operator SIX said Wednesday.
The changes take effect Monday. Galderma, a dermatology specialist, had been widely tipped for inclusion. Sandoz, a generic-drug maker, also earns its place among the blue chips.
Kühne+Nagel's removal was widely expected, while Swisscom shares had been regarded as vulnerable candidates for the SMI. Both firms will be promoted to the SMI Mid (SMIM) index, which tracks the 30 largest and most liquid Swiss companies not already in the flagship index.
Also entering the SMIM is the combined entity of aroma and fragrance specialist DSM-Firmenich. The chemical group Clariant will leave the mid-cap index, having moved up to the SMI instead.
The updated constituents reflect the continuing reordering of Swiss equity representation between the large-cap and mid-cap tiers.
