Tuesday, 30 September 2025 Reading time : 3 minutes

The Swiss stock market is ending the quarter on a positive note, posting gains on the last trading days in September. However, the year-to-date performance is rather modest: the leading index SMI is up around 6% since the beginning of the year (as of 28 September 2025, total return). The SPI performs slightly better, gaining 6.8%. However, the Swiss market is lagging behind international stock exchanges. Over the same period, the S&P 500 has climbed 13.5%, while the EuroStoxx 50 increased by 16.2%. 

Holcim experiences a successful year on the stock market. The building materials manufacturer's shares have risen by around 50% over the course of 2025, placing them at the top of the SMI. Swiss Life (+20.5%) and UBS (+17.2%) follow at a considerable distance. The logistics company Kühne + Nagel ranks at the bottom of the SMI, having lost around a quarter of its value (-26.5%) following a loss-making previous year.

In Europe, shares of the Spanish bank Santander are outperforming the broader market and are currently worth more than twice what they were at the beginning of the year. At the opposite end of the range is the luxury goods group LVMH, whose stocks have fallen by almost 17%. French pharmaceutical group Sanofi is also among the underperformers in the EuroStoxx 50, with a loss of 12.3%.

On Wall Street, the chip manufacturer Intel is thriving. The stocks jumped in mid-September when industry leader Nvidia announced plans to invest billions in its rival. Since the beginning of the year, Intel shares have gained almost 80%. The equities of the major bank Citigroup have also risen sharply, gaining around 50%. Amazon, on the other hand, performs rather modestly, falling by 0.7% year-to-date. Having risen by more than 44% in 2024, the stocks have been unable to keep pace with the overall market this year.

The combination of winners and losers in one barrier reverse convertible can open up yield opportunities. The barrier partially cushions price losses, while investors benefit from the coupon, which is paid out regardless of the performance of the underlying assets.

Reverse Convertibles on Winners and Laggards

CHF
8.80% p.a. BRC on Holcim, Kuehne + Nagel, UBS
Barrier: 68%
Valor: 147 482 483

EUR
10.55% p.a. BRC on Banco Santander, LVMH, Sanofi
Barrier: 64%
Valor: 147 482 484

USD
16.50% p.a. BRC on Amazon, Citigroup, Intel
Barrier: 55%
Valor: 147 482 485

Indicative terms

 

Disclaimer
This communication is for marketing purposes. It is neither an offer nor an invitation to submit an offer, to purchase or to subscribe to securities and does not constitute investment advice. You should consult your advisors before making an investment decision. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, financial condition, development or performance of the issuer to be materially different from any future results, financial condition, development or performance expressed or implied by such statements. The present document has not been drawn up by the research department as defined in the rules of the “Directives on the Independence of Financial Research” published by the Swiss Bankers Association, hence these rules do not apply to this document. If securities are mentioned in the communication, the base prospectus, the final terms and any key information document may be obtained free of charge from Zürcher Kantonalbank, Bahnhofstrasse 9, 8001 Zurich, VRIS, and from www.zkb.ch/finanzinformationen.
© 2025 Zürcher Kantonalbank. All rights reserved.