Swiss SMI reaches new record high

The Swiss stock market reached a new record high on Thursday, with the SMI index climbing to approximately 14,736 points. This surge follows the US Federal Reserve's decision to keep interest rates unchanged, providing market stability and relief for investors.

Growth was driven largely by heavyweights in the pharmaceutical and consumer goods sectors, including Novartis, Nestlé, and Roche. Market analysts suggest a shift in investor sentiment is contributing to the rally, as capital moves away from technology stocks toward more defensive, crisis-resistant companies.

In contrast to the broader market gains, the construction materials company Amrize saw its shares drop by over 5% following disappointing quarterly results and a lowered annual forecast. Despite geopolitical tensions in the Middle East and concerns regarding energy prices, the Swiss market has demonstrated significant resilience.