Thursday, 3 July 2025 Reading time : 3 minutes

Equity investors have experienced a turbulent first half of the year on the stock markets. Nevertheless, the interim results are positive. The Swiss benchmark index SMI gained 5.9% in the first six months of the year (total return, as of 30 June 2025), while the SPI rose by 6.9%. Swiss stocks therefore outperformed the US market (S&P 500: +5.8%, Russell 2000: –1.6%), while European equities performed better (EuroStoxx 50: +11.7%).

Among the winners in the SMI were the shares of cement manufacturer Holcim (+33.0%). The spin-off of the North American business, which trades under the name Amrize on the New York Stock Exchange, has given the shares a further boost in recent days. Swisscom were also in demand, rising 16.3%, while pharmaceutical supplier Lonza performed in line with the overall market, rising 6.2%.
 
Kühne + Nagel topped the list of losers. The logistics company's shares lost 13.6% in the first half of the year. Eye care specialist Alcon (–8.4%) and financial heavyweight UBS (–0.1%) also underperformed compared to the SMI.
 
In the broadly based SPI, shares in online bank Swissquote (up 30.9%), turbocharger specialist Accelleron (up 22.6%), and real estate company Mobimo (up 14.5%) outperformed. The worst performers were chemical group Clariant (–12.5%), software developer Temenos (–9.6%) and DKSH (–5.3%).

Barrier Reverse Convertibles on Swiss Tops and Flops
7.60% p.a. BRC on Holcim, Lonza, Swisscom
Barrier: 71%
Valor: 144 652 312

8.40% p.a. BRC on Accelleron, Swissquote, Mobimo
Barrier: 73%
Valor: 144 652 314

8.70% p.a. BRC on Alcon, Kuehne + Nagel, UBS
Barrier: 67%
Valor: 144 652 313

9.00% p.a. BRC on Clariant, DKSH, Temenos
Barrier: 62%
Valor: 144 652 315

Indicative terms

 

Disclaimer
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