Switzerland's Blue-chip Index Closes Higher as Unemployment Rate Holds Steady

11:51 AM EDT, 10/06/2026 (MT Newswires) -- The Swiss Market Index concluded Tuesday's trading session 0.62% in the green as investors mulled over the latest labor market data and corporate updates, while keeping an eye on the political and economic situations in France and Spain. The unemployment rate in Switzerland stood at 3% in September, unchanged from the previous month, data from the State Secretariat for Economic Affairs showed. The number of unemployed people declined by 1,064 month over month to 140,480 in September. On the geopolitical front, Swiss President Guy Parmelin met with India's president and prime minister during his state visit to the South Asian country to bolster economic and trade ties, as well as cooperation in education and research. The two countries also concluded an agreement related to migration and another on training exchanges for young professionals. Markets also assessed developments in the Iran conflict, including a meeting between US President Donald Trump's top national security aides, while an initial report of an attack-related shutdown of Saudi Arabia's East-West pipeline was followed by a Bloomberg report that the pipeline was operating normally. Over to corporates, UBS Group (UBSG.SW) agreed to transfer the traditional and alternatives fund administration businesses based in Switzerland and Luxembourg, which were integrated into the group when it acquired Credit Suisse, to US financial services company Northern Trust. The transaction is anticipated to complete in the second quarter of 2027, marking the Swiss banking group's exit from fund administration. UBS shares closed the trading day 1.35% higher. Meanwhile, Berenberg raised the price target for Sika (SIKA.SW) to 240 francs from 233 francs and maintained the stock's buy rating after the specialty chemicals company's recent investor day, noting a "more positive" outlook on its digitalization efforts. "[We] raise our 2026-28 net earnings estimates by 2%, mainly to reflect stronger momentum in the EMEA region. For Q3 2026, we expect organic growth of 4.2%, a gross profit margin of 55.1%, and an EBITDA margin of 19.2%," the research firm said. "Beyond the near-term numbers, the Investor Day increased our confidence in the medium-term earnings trajectory - the company's Fast Forward programme is delivering, innovation remains a tangible source of growth and margin improvement, and we believe Sika has considerable self-help potential, even without a meaningful improvement in construction markets." Sika was up 0.29% at the end of the session.