The blue chip Swiss Market Index reached its highest level since 2007
Keystone
The Swiss Market Index SMI, which tracks the performance of Switzerland’s 20 largest stocks, has reached its highest level in almost seven years. The blue chip index was lifted by Roche and Novartis shares, riding on merger and acquisition news.
This content was published on
1 minute
swissinfo.ch and agencies
The benchmark SMI representing 85% of the Swiss equity market rose 1.1% to 8752.86 points on Tuesday, the highest level since December 2007. The index with a base value set at 1500 as of June 30, 1988, reached its all-time high of 9548.09 on June 4, 2007.
The shares of Basel-based pharmaceutical companies Roche and Novartis, which together account for about a third of the index weighting, each rose 2% after drug maker Merck of the United States agreed to buy biotechnology company Idenix for $3.9 billion (CHF3.5 billion).
The stock of Idenix more than tripled, boosting the value of Novartis’ 22% stake in Idenix by about $650 million, according to analysts.
The SMI also increased alongside other international indices including the German Dax and the Dow Jones Industrial Average, which also reached their highest levels in years after the European Central Bank cut interest rates last week.
Popular Stories
More
Climate solutions
Switzerland turns train tracks into solar power plants
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss stocks break through 8,000 level
This content was published on
At the close in Zurich on Monday, the SMI was up more than 100 points to 8009. It is now well above its year-low of 6,739, but remains far short of its all-time high of 8,489 reached in July 1998. The next key level for the market is the 8,050 level, although in the current…
This content was published on
The index, considered to give the pulse of the Swiss stock market, will be given a new look with the integration of companies that are typical of the “new economy”. Among them are the digital technology group Kudelski, based near Lausanne, and the Geneva-based biotechnology group Serono, which is the world leader in hormone treatment…
This content was published on
While it is still far from its level of May 2007 when it registered 9,548 points, the Swiss Market Index has benefited from the country weathering the economic downturn better than most others. The SMI, which tracks the evolution of Switzerland’s most important stocks, had not been in the best of health, declining slowly along…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.