Swiss Exchange adds new companies to its leading index
The Swiss Stock Exchange (SWX) has announced it is expanding its leading Swiss Market Index (SMI) with the inclusion of five new companies. From October 2, the Swiss blue chip index will include 29 firms.
In a statement, the Exchange said that its index commission had decided to raise the maximum number of stocks in the SMI from 25 to 30.
Among the newcomers in the index are high tech group Kudelski and biotechnology firm Serono, both based in the French-speaking part of Switzerland. Contrary to expectations, Ems Chemie, run by the right-wing populist Swiss politician Christoph Blocher, will maintain its SMI listing.
Other companies joining the SMI include Zurich-based private bank Julius Bär, luxury goods group Financière Richement, and technology company Unaxis, formerly Oerlikon-Bührle.
The SWX explained that it periodically reviews the SMI’s composition in an effort to maintain the market’s attractiveness to investors.
The market authority is convinced that with this "exceptional decision" the SMI will benefit from increased investor activity, as the SMI corporate listing grows to the new upper limit of 30.
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