Swiss Market Index Closes Higher; Richemont Shines
The blue-chip Swiss Market Index was up 0.46% on Wednesday's close, as investors digested the latest economic data prints and earnings updates, alongside geopolitical developments in the Middle East. Compagnie Financière Richemont (CFR.SW) gained 6.68% at closing as it booked a year-over-year increase in fiscal first-quarter group sales to 6.33 billion euros from 5.41 billion euros, bolstered by growth in all of the Swiss luxury goods company's regions and distribution channels. "Organic growth for the group came in at +20%, almost twice the level of the +11% expected by sellside consensus. The all-important Jewellery Maisons (JM) came in at +24% CFx growth, +1,100bps above consensus expectations," Bernstein said, with the group "smashing" through consensus estimates across the board. "Consensus seems too fast in anticipating mean reversion in the Richemont's growth. We expect significant upward revisions to FY27E estimates as a consequence of a strong start of the fiscal year. Richemont remains our top pick." Meanwhile, ABB (ABBN.SW) will acquire France-based silicon carbide power electronics and advanced control systems company Advantics for an undisclosed amount. The.
The blue-chip Swiss Market Index was up 0.46% on Wednesday's close, as investors digested the latest economic data prints and earnings updates, alongside geopolitical developments in the Middle East.
Compagnie Financière Richemont (CFR.SW) gained 6.68% at closing as it booked a year-over-year increase in fiscal first-quarter group sales to 6.33 billion euros from 5.41 billion euros, bolstered by growth in all of the Swiss luxury goods company's regions and distribution channels. "Organic growth for the group came in at +20%, almost twice the level of the +11% expected by sellside consensus.
The all-important Jewellery Maisons (JM) came in at +24% CFx growth, +1,100bps above consensus expectations," Bernstein said, with the group "smashing" through consensus estimates across the board. "Consensus seems too fast in anticipating mean reversion in the Richemont's growth.
We expect significant upward revisions to FY27E estimates as a consequence of a strong start of the fiscal year.
Richemont remains our top pick." Meanwhile, ABB (ABBN.SW) will acquire France-based silicon carbide power electronics and advanced control systems company Advantics for an undisclosed amount.
The.