ZURICH, March 7, 2026, 08:12 CET
The Swiss Market Index slid 1.52% on Friday to finish at 13,095.55, extending its drop to about 6.6% since February’s 14,014 mark, according to SIX. 1 It’s been a tough stretch on the SIX Swiss Exchange, with war jitters, surging oil, and investors piling into the franc all weighing down even the biggest names. 2
This shift counts because the SMI stands as Switzerland’s top equity gauge, covering 20 heavyweight, highly traded stocks—close to three-quarters of the market by value. 3 SIX reported that CHF 104 billion worth of shares changed hands on the exchange in February, marking a 6% increase versus last year. The reversal came right on the heels of that pickup in trading activity and prices. 4
It wasn’t just a domestic story. According to Reuters, Europe’s STOXX 600 just wrapped up its roughest week in almost a year. Banks and healthcare stocks took the brunt as oil surged to levels not seen in months. Fresh U.S. data added to the gloom, revealing an unexpected drop in February jobs. 2
Roche shares slipped 2.9% on Friday, weighed down by mid-stage data for petrelintide, the obesity drug it’s developing with Denmark’s Zealand Pharma. The results didn’t hit the mark for investors. Morningstar’s Karen Andersen pointed out the difficulty of comparing these studies, noting, “it’s also really hard to compare these trials, because females respond so much better to treatment.” Still, as reported by Reuters, she sees Eli Lilly’s rival amylin drug better positioned in a space that’s still dominated by both Lilly and Novo Nordisk. 2
Insurance names fueled volatility earlier in the week. Zurich Insurance pulled in 3.9 billion Swiss francs from a share sale aimed at backing its £8.1 billion bid for Beazley, but shares slid 5.4% Tuesday, marking the steepest single-day drop since April, according to Reuters. 5 Chief Executive Mario Greco called the proposed combination “the world’s leading Specialty underwriter,” pointing to strengths in cyber, marine, and aviation insurance. 6
On Friday, Lonza said it plans to unload its capsules and health ingredients division to Lone Star, valuing the deal at 2.3 billion Swiss francs. The Basel-based firm stated this step aims to concentrate more tightly on its contract drug manufacturing operations. 7
Exporters faced another setback in currency trading. On Friday, the euro dropped to 0.9019 franc, and with the franc bolstered by safe-haven flows, the Swiss National Bank reiterated its readiness to step in against what it described as “rapid and excessive appreciation.” 8
The setup for the coming week looks messy. “Europe is a bit more exposed to higher oil prices,” Amundi’s Ciaran Callaghan warned, pointing to stagflation—sluggish growth, sticky inflation—looming as a threat. 2 Over at UBS, economist Alessandro Bee blamed the franc’s jump on geopolitics and risk aversion, calling it a move that could snap back just as fast. Still, if oil hangs onto its gains and safe-haven demand doesn’t ebb, Swiss exporters might not catch a break. 9
Last week’s drop left the SIX benchmark more than 900 points under where it finished February—a sharp reversal for a market that had only recently broken past 14,000. 1 Roche, Zurich Insurance, and the franc took center stage on the tape through the week. 10
