SMI closes nearly flat at 14,802.52 as pharma heavyweights weigh
Published on 11/02/2026 at 23:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSSMI ends a cautious session
- The SMI closed 0.05 percent lower at 14,802.52 points on November 2, 2026.
- Roche and Novartis weighed on the index despite a three-to-one lead for advancing shares.
- Lower oil prices supported cyclical stocks, while investors remained cautious ahead of US elections and major earnings.
The SMI ended Monday's session almost unchanged at 14,802.52 points, down 0.05 percent. According to finanzen.ch, advancing shares outnumbered decliners by three to one, but losses in the index's two largest pharmaceutical constituents limited the benchmark's progress.
Pharma heavyweights cap gains
Roche bearer shares fell 1.54 percent to 397.20 Swiss francs, while Novartis declined 1.69 percent to 131.52 Swiss francs. The report attributed the weakness to analyst rating changes rather than negative product or clinical news. UBS cut Roche to Neutral while raising its price target to 440 Swiss francs; Deutsche Bank lowered its Novartis recommendation to Sell with a 115-franc target.
The contrast between the SMI and the broader market was notable. The SPI gained 0.10 percent to 20,867.74 points, while the SMIM rose 0.83 percent to 3,230.94 points. This divergence underlined the influence of the two pharmaceutical heavyweights on the blue-chip index.
Cyclicals benefit from cheaper oil
Lower oil prices provided support for economically sensitive shares. Construction-related companies led the advance: Amrize rose 4.5 percent, Sika gained 3.2 percent, Holcim added 3.1 percent and Geberit climbed 2.5 percent. Partners Group and UBS also advanced, by 2.1 percent and 1.4 percent respectively.
The day's market backdrop remained cautious. The Swiss report said investors continued to watch energy markets closely and pointed to uncertainty ahead of the US midterm elections and Apple's quarterly results after the US close. Reuters likewise described European equities as directionless after the previous week's technology sell-off, with investors focused on Apple, the US vote and hopes for an agreement to end the Iran war.
Index context for investors
The SIX describes the SMI as Switzerland's blue-chip equity benchmark, comprising the 20 largest and most liquid equities from the SPI. Its heavy concentration in large healthcare companies means that broad market breadth can coexist with a flat or weaker headline reading when Roche and Novartis underperform. The next session will therefore begin with investors balancing company-specific pharmaceutical sentiment against movements in energy prices, global technology shares and the US political calendar.
Further SMI coverage is available on the SMI topic page.
