Thursday, 31 July 2025 Reading time : 3 minutes

Things are currently moving rather slowly on the Swiss stock market. Even the provisional agreement on the trade dispute between the European Union and the United States, announced at the weekend by the President of the European Commission, Ursula von der Leyen, and US President Donald Trump, has hardly caused any movement. This can be seen in the SPI, for example, which has gained just under 1% since the beginning of the month (as of 29 July 2025).

At the individual stock level, however, the picture is different. Various shares of medium-sized companies are currently trading at record highs. These include Belimo, which are currently trading at around CHF 930.00, having started the year at just under CHF 600. The heating, ventilation and air conditioning technology specialist recorded its latest price gains following the publication of its half-year results last week. Belimo has grown strongly in all market regions, with America being the most important growth driver. According to the press release, Belimo has secured a significant market share within this region, particularly in the data centre business. Management remains confident for the year as a whole and has confirmed its forecast.

Shares in the pharmaceutical group Sandoz are also reaching record highs. They are currently trading at over CHF 48.00, which is around a 30% increase since the beginning of the year. However, the results for the first half of the year are still pending and are due to be published on 7 August. Analysts at Bloomberg expect the Basel-based generics specialist to announce an increase in sales and meet market expectations. "We view Sandoz as well positioned for the biosimilar market opportunity, with over $140billion of biologic revenue set to lose patent exclusivity through 2030," they note. Nevertheless, Sandoz's journey on the stock market, which is still in its infancy — the shares have only been listed since October 2023 — has also seen turbulent times. Notably, the shares temporarily slumped to CHF 30.00 following Trump's tariff manoeuvres.

Swissquote shareholders will also have to wait a little longer for insight into the company's performance in the first half of the year. The online bank will publish its results on 14 August. Nevertheless, its stock market performance to date is impressive. The shares have risen by almost 55% since the beginning of the year and are currently trading at over CHF 530.00. Swissquote is steadily expanding its market position and announced the complete takeover of the digital finance app Yuh at the beginning of July. Yuh was launched four years ago as a joint venture between Swissquote and PostFinance, with each company holding a 50% stake. According to Swissquote, it is the leading provider of digital banking services in Switzerland.

However, record-high stock prices also increase the risk of setbacks. For investors looking to hedge against this risk, the Barrier Reverse Convertible on Belimo, Sandoz and Swissquote could be an appealing choice. The product has a barrier of 68% and pays an annual coupon of 8.10%.

Barrier Reverse Convertible on Swiss Mid Caps
8.10% BRC on Belimo, Sandoz, Swissquote
Barrier: 68%
Valor: 144 653 527

Indicative terms

 

Disclaimer
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