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Swiss Market Index Ends Week in Green Amid Major Corporate Earnings

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The Swiss Market Index extended its growth streak to Friday, closing 0.42% higher, amid the release of earnings from two corporate majors.

Compagnie Financière Richemont's (CFR.SW) attributable profit for the 12 months ended March 31 climbed to 3.48 billion euros from 2.75 billion euros, while its revenue rose to 22.42 billion euros from 21.40 billion euros. The Swiss luxury goods giant fell 0.57% at close.

"Richemont delivered again on the top line in 4Q but the gross margin pressures from gold and FX are still weighing on investor sentiment," Deutsche Bank Research said. "Overall a good exit rate in 4Q supported by the special dividend and although the EBIT was a slight miss if we add back the (Euro)164m of impairment charges and write downs this was a small beat."

In other corporate news, Julius Bär Gruppe's (BAER.SW) assets under management in the first four months of 2026 increased to a record 528 billion francs from 467 billion francs a year ago. Looking ahead, the Swiss private banking group expects its IFRS net profit for the first half to be "substantially higher" than the previous year. The shares dropped 6.93%.

"While the [gross margin] was exceptionally strong based on high activity levels, this is not sustainable according to JB and the continued headwind to [net new money] from its risk review (but also heightened market uncertainty) is disappointing. JB made progress on its cost income ratio but to a large extent this is based on the stronger top line," according to RBC Capital Markets. The stock is rated outperform, with a price target of 72 francs.

In geopolitical developments, Iran's Foreign Minister Abbas Araqchi met with Pakistan's Interior Minister Syed Mohsin Naqvi in Tehran on Friday to discuss proposals to end the war, according to Iranian media reports. The talks came as Tehran and Washington continued negotiations over Iran's uranium stockpile and control of the Strait of Hormuz, with US Secretary of State Marco Rubio saying there had been "some good signs" in recent discussions, Reuters reported.

Back home and on the economic front, Switzerland's calendar was empty for the day, while the CS-CFA Society economic sentiment index and KOF leading indicators for May, as well as nonfarm payrolls for the first quarter, are on next week's agenda.

The SIX Swiss Exchange will be closed May 25 for the Whit Monday public holiday, with trading to resume on May 26.

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