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Swiss Market Index Rallies; Alcon, Logitech Shares Fall

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The Swiss Market Index remained in the green on Wednesday, closing 1.77% higher, amid renewed hopes that the war in the Middle East will soon end.

The US and Iran are said to be close to reaching an agreement on a one-page, 14-point memorandum of understanding to end the war, multiple media outlets including Axios and Reuters reported, citing sources. Meanwhile, in a post on the Truth Social platform, US President Donald Trump said if Iran "agrees to give what has been agreed to," the war and blockade will end, warning that the bombing would start "at a much higher level and intensity than it was before" if an agreement is not reached.

Back home, Switzerland's private sector saw an improvement in April, with the KOF Business Situation Indicator rising to 18.3 from 16.6 in the previous month.

"The Business Situation Indicator for the manufacturing sector has fully recovered from its decline in March. The indicator is rising even more sharply in the project engineering sector and, more moderately, in the wholesale trade. Other services and the retail trade are also showing modest upturns," the KOF Swiss Economic Institute said. "However, the business outlook for the next six months is generally becoming more subdued - particularly in the hospitality sector, the wholesale trade and manufacturing."

Over to corporates, Logitech International (LOGN.SW) fiscal 2026 net income rose on a yearly basis to $711.2 million, compared with $631.5 million, while net sales grew to $4.84 billion from $4.55 billion. The Swiss computer peripherals and software company's shares were down 0.40% at the end of the trading session.

Swiss eye care products group Alcon (ALC.SW) also saw its shares fall 10.96% at closing as first-quarter net income plunged year over year to $189 million from $350 million. Operating income dropped 38% to $292 million, dented by costs associated with efficiency initiatives, impairment charges related to an intangible asset, and incremental tariffs. Net sales, on the other hand, increased over the period.

"Despite having a dominant position in its target markets, Alcon's investment case hinges on margin expansion, which entails execution risks. The ophthalmology market growth, though sticky to a material extent, remains capped at around a mid-single digit percentage. As a result, we expect Alcon to chase inorganic growth in the quarters/years ahead, especially considering the termination of proposed acquisition of STAAR Surgical in January 2026," analysts at AlphaValue/Baader Europe said in a note. "While we currently have a 12% upside on Alcon, one may want to wait for more of a correction in the share price for lucrative returns."

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