In 2024 April certainly lived up to its meteorological reputation, with considerable temperature fluctuations as well as showers of rain, snow and sleet. On the stock market too, it was an uncomfortable month following a strong first quarter. Geopolitical tensions along with doubts about the turnaround in interest rates dampened the markets, while profit-taking in technology stocks, which had previously performed especially well, did the rest. This correction was also felt by the FUW Swiss 50 Index. Designed by \"Finanz und Wirtschaft\" magazine (FuW), this benchmark contains the 50 biggest listed companies in Switzerland as measured by their free-float capitalisation. \"FuW developed this index because the SMI published by the stock exchange is not a good indicator of the Swiss economy from the point of view of an investor,\" said the editors when explaining the idea behind this barometer.<\/p>\n
The FUW Swiss 50 Net Total Return Index went live on 18 August 2022. In the good 20 months that have elapsed since then, the select 50 have performed about 400 basis points better than the SMI in its total return variant. Almost a third of the 12.3% increase in value achieved since the launch can be attributed to the dividends of the companies included. The deadline for receiving this year's profit share from Sandoz is 3 May. The generics manufacturer is returning to the FuW Swiss 50 Index one day beforehand \u2013 just in time, then, for the distribution to be reinvested in this position. The Novartis spin-off brings plenty of momentum to go with the dividend: Sandoz recently received EU approval for the biosimilar Pyzchiva (ustekinumab). The generic drug can now be used as a biological therapy in the fields of gastroenterology, dermatology and rheumatology. Sandoz described the approval as an important step in driving its growth strategy. Investors appear to take the same view, with the share climbing to an all-time high following the announcement.<\/p>\n
In March Comet reached its highest level since the start of 2022, when the mid cap was riding the wave of AI enthusiasm. As a supplier to the semiconductor industry, the industrial group is regarded as a potential beneficiary of the growing importance of artificial intelligence. The hype at the turn of the year has not yet been reflected in the figures, after Comet reported a 24.8% drop in revenue for the first quarter to CHFmn 80.9. Its management has spotted signs of improvement, though, with the book-to-bill ratio, for instance, standing at 1.09 in the first quarter. This means that orders were higher than sales. Comet also sees the increased utilisation of existing production capacities, falling inventories and rising selling prices for semiconductors as indicators of a recovery in the sector. Although the x-ray line is weakening, the Freiburg company is standing by its forecast: while sales are expected to reach between CHFmn 440 and 480, the board is targeting an EBITDA margin of 15% to 17% for the year as a whole. To compare, in 2023 income came to just under CHFmn 400, of which 11.3% remained in the operating result.<\/p>\n