Swiss Market Index Recovers; Julius Baer Gains Amid New Share Buyback

11:50 AM EDT, 10/02/2026 (MT Newswires) -- Swiss stocks snapped their four-day losing streak on Friday, with the Swiss Market Index closing 0.28% higher, as investors digested a fresh batch of corporate updates and economic data releases. Swiss Economy Minister Guy Parmelin, who also currently holds the country's rotating one-year presidency, is stepping down from the Federal Council on Dec. 31 after serving more than 10 years as part of the government, he said at a press conference. On the corporate side, Julius Baer Group (BAER.SW) gained 1.99% at closing as it announced a new share repurchase program of up to 600 million francs, which is set to commence in the coming weeks. The buyback is expected to be completed within one year. The wealth management group will also maintain its dividend payout between 40% and 60% of IFRS net profit attributable to shareholders and plans to distribute a progressive dividend per share, barring exceptional circumstances. "Our revised capital policy reflects the strong capital-generative nature of our business, as well as a balanced approach to capital distribution - returning surplus capital to shareholders while safeguarding the financial strength and flexibility needed to advance our long-term strategic objectives and our reconfirmed financial goals for the current 2026-2028 cycle," according to Chairman Noel Quinn. SGS (SGSN.SW) completed its purchase of a majority stake in US-based information compliance and cybersecurity company Prescient Security as part of plans to expand its Digital Trust platform and generate at least 200 million francs in additional revenue in this strategic area by 2027, compared with 2023. The Swiss testing and certification company's shares closed 0.57% in the green. Elsewhere and in economic news, the euro area's annual inflation rate rose to 3.8% in September from 3.2% in August, while annual core inflation ticked up to 2.5% from 2.4%, Eurostat's flash estimates showed. On the geopolitical front, the Group of Seven countries agreed to carry out a coordinated release of up to 100 million barrels of emergency oil and diesel reserves over the next four months to help ease surging energy prices, French President Emmanuel Macron said in a statement. Meanwhile, US President Donald Trump said in a post on Truth Social that Europe agreed to release a "massive amount" of diesel oil ⁠stocks, with the process set to "begin immediately."