Swiss Market Index closes lower amid rising oil prices

The Swiss Market Index (SMI) closed lower on Wednesday, ending at 13,921.72 points, a decrease of 0.23%. While the market saw early gains and reached an intraday high of 14,031.29, sentiment turned cautious due to rebounding oil prices and geopolitical tensions in the Middle East, including reports of a vessel under fire in the Strait of Hormuz.

Major losers in the index included Sika, which fell over 2%, and UBS, which dropped approximately 1.7% following decisions by the Council of States regarding stricter capital requirements for systemically important banks. Other notable declines were seen in Galderma and Swiss Life.

In contrast, Logitech climbed 2.37%, and Novartis saw gains of approximately 1%. Tecan Group AG also showed strength, with its share price rising 2.20% to 222.60 CHF, approaching its 52-week high following positive half-year revenue growth in local currencies.