The Swiss stock market recorded gains on the final trading day before the weekend. The Swiss Market Index rose by 1.1 percent to finish at 13,787 points, while the Swiss Performance Index closed 1.0 percent higher at 19,534 points. Market participants noted that cyclical equities had experienced a weak performance throughout the week, prompting bargain hunters to step in.
Within the blue-chip index, UBS registered the strongest advance with a 2.8 percent increase. Alcon followed with a 1.8 percent gain, and Sika rose by 1.7 percent. Construction-related equities also posted positive momentum, including Amrize up 0.3 percent, Geberit gaining 0.9 percent, and Holcim climbing 1.1 percent. Additional support came from pharmaceutical heavyweights Roche, whose participation certificates added 1.5 percent following an approval from the FDA for the immunotherapy Tecentriq for a specific form of colorectal cancer, and Novartis, which moved up 1.2 percent.
Partners Group advanced 0.9 percent after introducing a new global investment strategy focused on private credit. Nestlé gained 0.1 percent, though the food company failed to sustain its initial momentum despite reports from the Mexican government that it plans to double its investments in Mexico to two billion US dollars. Logitech was the sole loser on the SMI, recording a decline of 2.5 percent. Within the broader SMIM index, telecommunications operators Swisscom and Sunrise faced pronounced selling pressure, falling 2.3 percent and 2.9 percent respectively. Traders attributed the weakness to broader sector concerns following news that Elon Musk's SpaceX acquired low-band spectrum licenses to offer nationwide mobile services through Starlink satellites.
Technology equities showed mixed results, avoiding the heavy spillover from New York peers. Ams Osram dropped 6.6 percent, Comet slipped 0.2 percent, and VAT retreated 0.3 percent, whereas Inficon edged up 0.4 percent. Adecco saw a clear upward movement, rising 3.2 percent as market participants pointed to recent industry data that fostered optimism ahead of upcoming quarterly figures due in a month.
Across the Atlantic, Wall Street opened higher as declining oil prices provided a supportive backdrop. The Dow Jones Industrial Average opened 0.2 percent higher at 51,347 points, the S&P 500 rose 0.3 percent to 7,785 points, and the Nasdaq Composite added 0.3 percent to reach 27,280 points. Brent crude and WTI light sweet oil both dropped by nearly one percent after US President Donald Trump stated that the United States would not attack Iran ahead of upcoming midterms.
At the same time, investor sentiment remained cautious ahead of the upcoming earnings season with major US financial institutions reporting next week. Market participants look to these results for indicators on credit demand and the broader economic outlook, which could influence future monetary policy decisions by the US Federal Reserve. Major banks including JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo are scheduled to release their figures on Tuesday, followed by Morgan Stanley and Bank of America on Wednesday. Individual equities such as SpaceX drew attention following reports regarding mobile spectrum acquisitions and satellite connectivity capabilities, while Apple shares declined amid reports of reduced component orders due to softer demand.
