Roche and Novartis topple Nestle in tight race
STOXX 600 up 0.6%
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ECB in focus
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ROCHE AND NOVARTIS TOPPLE NESTLE IN TIGHT RACE
There is a tight race quietly unfolding in Zurich.
It's between Roche ROG.S and Novartis NOVN.S vying with Nestle NESN.S for the title of the biggest company by market value on the Swiss blue-chip SMI .SSMI index.
If the two drugmakers hold onto their gains this week, they will both dethrone the food group as the Swiss market champion, ending Nestle's almost uninterrupted leadership since 2016.
This shift reflects growing interest by investors for exposure to defensive healthcare in Europe, which is now the largest consensus sector overweight among fund managers, according to a survey this month by BofA.
Meanwhile, the downfall in Nestle, which cut its full-year sales outlook this morning, mirrors growing consumer pressure from shoppers increasingly turning to cheaper products following a post-pandemic spending spree, as inflation eases.
As of Tuesday's close, Roche was worth $255.6 bln, Novartis $255.1 bln and Nestle $254.0 bln, per LSEG Datastream data. Things might still change by the close today, as Nestle shares have managed to bounce back strongly after hitting 2019 levels.
Getting the Swiss crown also means becoming Europe's third-largest listed group on the region-wide STOXX 600 .STOXX, after Novo Nordisk NOVOb.CO and ASML ASML.AS.
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EARLIER ON LIVE MARKETS:
SOVEREIGN DEBT DEFAULT LIST HAS SHRUNK THIS YEAR - TELLIMER CLICK HERE
EARNINGS LIFT THE STOXX, BANKS BUOYANT CLICK HERE
EUROPE BEFORE THE BELL: TSMC BOOST, NESTLE MISS CLICK HERE
ECB TO CUT, MARKETS WANT CLUES ON NEXT MOVE CLICK HERE
ECB interest rates and rate expectations https://reut.rs/4f8LBf4
EU open https://tmsnrt.rs/3Y1WBne
Swiss battles https://tmsnrt.rs/4h7yyMA
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