Business · Markets · 10 hrs ago
Swiss SMI briefly reaches a new record near 14,732 points
The Swiss SMI briefly reached a record near 14,732 points on Thursday morning.
It was just over 50 points above the previous high set in mid-August.
Gains in Novartis, Nestlé and Roche supported the index, while shares in building materials group Amrize fell more than 5% after disappointing quarterly results and a lower annual forecast.
Investors have been moving money out of technology stocks and into companies seen as more resilient during difficult economic periods.
That shift has helped Switzerland’s index, which gives significant weight to pharmaceutical and food companies whose products remain in demand.
The market has held up despite the Middle East war, high oil prices and inflation concerns, which could keep interest rates high and weigh on technology stocks.
The Swiss SMI reached a new intraday record on Thursday, with the morning session briefly taking it to nearly 14,732 points.
By the close, the index had risen 1.21% to 14,756.86 points, after reaching an intraday high of 14,861.53.
Novartis and UBS shares helped support the market, while 17 of the SMI’s 20 stocks finished higher.
Investors’ shift from technology shares toward more defensive companies has helped drive the Swiss market’s recent gains.
The market also drew support from steady central-bank interest rates and falling oil prices, although Brent crude remained above $113 a barrel.
- Who
- The Swiss Market Index (SMI) and its listed companies.
- What
- The SMI reached a new intraday record and closed higher. Its intraday high was 14,861.53 points.
- When
- Thursday, October 29, 2026.
- Where
- The Swiss stock market.
- Why
- Heavyweight shares, including Novartis and UBS, supported the index. Investors have also shifted toward comparatively defensive companies.
This story does not have two clearly opposing sides.
The SMI briefly rose to nearly 14,732 points, surpassing its previous record from mid-August.
The SMI closed 1.21% higher at 14,756.86 points, after reaching an intraday record of 14,861.53.
- SMI closing level
- 14,756.86 points
- SMI closing gain
- 1.21%
- Intraday record
- 14,861.53 points
- Previous record
- 14,670 points, set in August
- Stocks higher
- 17 of the 20 SMI stocks finished in positive territory
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What people are saying
If energy-related price pressure persists, an interest rate increase to 2.75 percent in December is likely