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Swiss Stocks Surge: SMI, SPI Close Higher Led by Nestlé and Tech Gains

Nestlé's Froneri boost and AI optimism push tech stocks higher. SMI and SPI close up, ignoring US government shutdown.

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2 min read
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Swiss Stocks Surge: SMI, SPI Close Higher Led by Nestlé and Tech Gains

Swiss stocks closed higher on Tuesday, with the SMI leading the way, up 0.54 percent to 12,427.18 points. The broader SPI also gained, rising 0.64 percent to 17,117.19. The SLI, which tracks the 30 most important stocks, increased by 0.69 percent to 2014.18.

The day's trading was marked by several notable movements. Nestlé (+1.0 percent) continued its upward trajectory, boosted by news that PAI had brought in new investors, Ardian and Astorg, for its 50 percent stake in the Nestlé ice cream joint venture Froneri. Tech stocks also performed strongly, with Inficon (+7.1 percent), Comet (+5.6 percent), and AMS Osram (+2.8 percent) all gaining significantly on the broader market, driven by AI-related optimism.

Swisscom (+1.2 percent) was another standout, following an upgrade to 'Overweight' by Exane BNP Paribas, which attracted shifts from other telecom stocks. In the healthcare sector, Sandoz (+2.7 percent) and Galderma (+2.4 percent) made up ground, with medtech stocks like Straumann (+2.3 percent), Sonova (+1.4 percent), and Alcon (+0.9 percent) also posting gains.

On the downside, Rieter (-31.9 percent) fell sharply, losing almost a third of its value after announcing the completion of a capital increase for a major acquisition. Despite this, investors largely ignored the US government shutdown, pushing stocks higher due to expectations of further US monetary policy easing. These expectations were fueled by unexpectedly weak US private sector jobs data, which increased anticipation of a further rate cut by the Fed by the end of October.

The Swiss stock market ended the day on a positive note, with the SMI and SPI both closing higher. Nestlé's continued recovery and the strong performance of tech stocks were among the day's highlights, while Rieter's significant drop was a notable exception. Looking ahead, investors will continue to monitor US monetary policy and economic data, as well as corporate developments, for further direction.

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