The Swiss stock market spent Thursday in consolidation mode, with the Swiss Market Index (SMI) hovering just below recent highs in a quiet session thinned by the U.S. Thanksgiving holiday. The benchmark traded around 12,800 points, edging about 0.1% lower after six consecutive gains, while traders digested Sika’s new efficiency programme, fresh ABB buyback data and the listing of a new crypto ETP on SIX Swiss Exchange. [1]
SMI today: Swiss stock market pauses around 12,800 points
By late morning to early afternoon on November 27, the SMI was fluctuating around 12,800 points, close to 12,823 according to real‑time and historical index data. That left the benchmark roughly 0.1% below Wednesday’s close of 12,833.57, with an intraday range between about 12,781 and 12,836 points and volume just over 3 million shares. [2]
Cash market reports put the index around 12,809.52 at 11:15 local time, down 0.10%. The broader SPI slipped around 0.12% to 17,594, while the SLI—tracking 30 of the most liquid Swiss stocks—eased 0.06% to roughly 2,071 points. [3]
Despite the small pullback, the SMI remains near a seven‑month high, after rallying almost 5% since the end of October. Historical data show the index rising from 12,234.50 on October 31 to around 12,823 on November 27, marking a strong month‑to‑date performance driven by easing interest‑rate fears and improved global risk appetite. [4]
Quiet trading as U.S. Thanksgiving drains liquidity
Market commentary from Swiss brokers describes Thursday’s session as a textbook “pause for breath” after six straight up days. Turnover was described as low and order books thin, with few domestic catalysts to drive directional moves. [5]
Several factors explain the subdued tone:
- U.S. Thanksgiving: With Wall Street closed and no major U.S. data releases scheduled, one of the main sources of liquidity and price discovery was absent. As traders in Zurich often observe, when the U.S. is closed, trading in Switzerland typically slows sharply. [6]
- No major Swiss macro data: Pre‑market factor rundowns for Swiss stocks highlighted the lack of significant domestic economic releases on Thursday, limiting fresh fundamental impulses for local equities. [7]
- Month‑end and year‑end positioning: With Friday bringing both Black Friday in the U.S. and the November month‑end, dealers expect only limited repositioning ahead of the final stretch into year‑end. [8]
The broader backdrop remains supportive: recent commentary from Federal Reserve officials and softer U.S. data have reinforced expectations of further rate cuts, with market‑implied probabilities for another Fed move in December reportedly back above 80% after dropping below 30% last week. That shift has underpinned global equity markets, including Switzerland. [9]
Sika’s “Fast Forward” efficiency programme dominates corporate news
On the corporate side, construction chemicals specialist Sika was one of the main talking points. The company used its investor day to present “Fast Forward,” a strategic programme aimed at boosting profitable growth and achieving “digital leadership” by 2028. [10]
Key elements highlighted in public materials and commentary include: [11]
- A multi‑year efficiency and digitalisation push, including investments of up to around CHF 150 million in new systems and tools.
- A focus on streamlining operations and sharpening pricing and mix, with the goal of lifting margins even in a mixed demand environment.
- Confirmation of medium‑term ambitions under the “Strategy 2028” framework, including low‑ to mid‑single‑digit annual sales growth in local currencies and progressive margin improvement.
Analysts at Zürcher Kantonalbank (ZKB), cited in Swiss market reports, remained constructive despite Sika’s current exposure to sluggish end markets. Their view: cost‑cutting and efficiency gains give the company room to protect and even expand margins while waiting for volume growth to normalise. [12]
Sika’s share price reaction was muted. By late morning the stock was modestly in the red—roughly 0.3–0.7% lower around CHF 157—leaving it underperforming the broader market but avoiding a sharp sell‑off as investors weighed near‑term headwinds against long‑term savings. [13]
Top losers: Straumann and defensives under pressure, Swatch slips
With the SMI essentially flat, most individual moves among blue chips remained within a 1% band. Market breadth was almost perfectly balanced, with 15 gainers and 15 losers in the SLI, according to midday readings. [14]
On the downside:
- Straumann dropped about 1.4%, extending declines from earlier in the week as investors continued to react cautiously to updates from its recent investor day. [15]
- Defensive heavyweights Swisscom, Lindt & Sprüngli and Roche also traded roughly 1% lower, while Novartis slipped around 0.5% and Nestlé eased about 0.1%, acting as a mild drag on the index. [16]
- Swatch Group fell close to 0.9%, even after UBS raised its target price to CHF 90 from CHF 70. The bank kept its rating at “Sell,” and the new target still sits below the current share price, limiting the positive impact of the revision. [17]
Further down the market, Burkhalter lost more than 4% after a large shareholder placed 190,000 shares at a discount, while CPH dropped around 5.4% following a profit warning—moves that underline how idiosyncratic news can still produce sharp swings on an otherwise quiet day. [18]
Gainers: Partners Group, ABB, Holcim, Swiss Re and short‑covering plays
The outperformers’ list was led by a mix of quality growth, cyclicals and short‑squeeze candidates.
Among SLI constituents, midday data and local reports showed: [19]
- Partners Group up about 1.2%, continuing to benefit from resilient fee income expectations and strong investor interest in private markets.
- Kühne + Nagel gaining roughly 0.8%, helped by cyclical optimism around freight and logistics.
- ABB advancing around 0.7%, supported by ongoing buybacks and its positioning in electrification and automation.
- Holcim and Swiss Re adding about 0.3% and 0.5% respectively, tracking broader European cyclical and financial strength.
Outside the large‑cap index:
- Rieter jumped around 4% after its CEO told Swiss media that the stock was “massively undervalued,” encouraging value‑oriented buying interest. [20]
- Adecco recovered roughly 1% of the 11% it lost at its investor day on Wednesday, as investors reassessed guidance and the group’s push into AI‑enabled platforms. [21]
- Heavily shorted names Ams‑Osram and DocMorris climbed about 3.9% and 4.6%, respectively. Traders attributed the move in part to reduced pressure from U.S. short sellers on the Thanksgiving holiday. [22]
ABB steps up shareholder returns with ongoing buybacks
Electrical and automation group ABB added a shareholder‑friendly data point on Thursday, disclosing the latest tranche of repurchases under its 2025 share buyback programme. [23]
According to an update published in Zurich, ABB bought back 344,962 shares between November 20 and November 26 on a separate trading line on SIX Swiss Exchange. The purchases, executed by a bank under “safe harbour” regulations, brought cumulative repurchases under the current programme—launched in February— to more than 19.1 million shares. [24]
The announcement underpins ABB’s capital‑return story following its recent investor day, where management reiterated its focus on portfolio discipline, margin expansion and active use of the balance sheet for both M&A and buybacks. Combined with Thursday’s modest share price gain, the update reinforces ABB’s status as one of the more shareholder‑oriented names in the Swiss large‑cap universe. [25]
Crypto meets Zurich: BONK ETP launches on SIX
Beyond traditional equities, the Swiss market also made headlines in digital assets. Bitcoin Capital, via its BONK ETP vehicle, listed a new exchange‑traded product on SIX Swiss Exchange providing regulated exposure to Bonk (BONK), a meme coin native to the Solana ecosystem. The listing date is November 27, 2025. [26]
According to issuer statements and specialist coverage:
- The BONK ETP is designed to track the token one‑for‑one, giving European investors a way to trade Bonk through a regulated security rather than directly on crypto exchanges.
- The product adds to SIX’s growing roster of crypto‑backed ETPs and cements Switzerland’s role as a bridge between digital assets and traditional capital markets. [27]
While the new listing has no direct impact on the SMI on day one, it is another example of how the Swiss market infrastructure is trying to stay competitive by embracing alternative asset classes under a strict regulatory framework.
Macro backdrop: Swiss stocks ride global rate‑cut hopes
Even in a low‑volume session, the narrative around Swiss equities is still shaped by international macro themes.
Recent Swiss and European market commentary points to three dominant drivers: [28]
- Interest‑rate expectations
- Investors are increasingly pricing in further Fed easing after dovish‑leaning comments from U.S. policymakers and weaker economic data.
- Lower U.S. yields support the global equity risk premium, help keep the franc from appreciating too strongly, and make dividend‑rich markets like Switzerland more attractive.
- Geopolitical risk, especially Ukraine
- Hopes for progress on a U.S.-backed peace framework for Ukraine have contributed to the recent improvement in European risk sentiment, even though the situation remains fluid and politically contentious. [29]
- Resilient Swiss corporate fundamentals
- Earnings updates over the autumn from large Swiss names in healthcare, consumer staples and industrials have generally confirmed solid margins, even where top‑line growth has slowed.
- That resilience has helped the SMI outperform more cyclical European benchmarks at several points in 2025. [30]
Pre‑market factor rundowns for Thursday also flagged a relatively sparse corporate and economic calendar, reinforcing the sense that the day would be driven more by positioning than by new information. [31]
Outlook: Strong November, cautious short‑term tone
With only two trading days left in the month, the SMI is on track for a notably strong November, up almost 5% from the end of October and trading close to the upper end of its 52‑week range (10,699.66–13,199.05). [32]
In the very short term, however, most local commentary suggests a more cautious stance:
- The absence of U.S. traders on Thursday and an early close on Friday for Black Friday argue against big moves at the end of the week. [33]
- Month‑end flows could still cause small rotations between defensives and cyclicals, but large index swings appear unlikely barring unexpected macro headlines.
- Into December, attention is likely to shift back to central banks, with markets watching whether the Fed delivers another cut and how the Swiss National Bank positions itself for 2026. [34]
For now, the picture is straightforward: the Swiss stock market is catching its breath near multi‑month highs, with stock‑specific stories such as Sika’s efficiency push, ABB’s ongoing buybacks and the continued evolution of SIX’s ETP offering providing the main talking points on an otherwise quiet trading day. [35]
References
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