The SMI Gained 7% in October. Defensive Giants Did the Heavy Lifting

As of: 30.10.2026, after the close (Zurich time).

October was a strong month for Swiss blue chips. The SMI closed Friday at 14,810.66 points, up 0.36% on the day and +7.1% for October (from 13,830.34 at the end of September). On Thursday it hit a new all-time high of 14,861.53 intraday, beating the August record of around 14,670, AWP reported. The week brought +2.4%, the fourth weekly gain in a row. The broader SPI gained about 6.3% in October.

The defensive heavyweights. On Friday, Nestlé (+2.3%) and Novartis (+1.1%) did most of the work, with Roche (+0.4%), Givaudan (+1.5%) and Swiss Re (+1.7%) also higher. After their October run, Novartis and Roche are each up more than 20% this year; Nestlé about 7%, according to AWP.

The losers were the AI and tech plays. Disappointing US results (Intel fell more than 20% after hours on Thursday) pushed Logitech down 4.2% and ABB down 3.3%, while in the broader market VAT, Inficon and Comet lost between 5% and 8%. UBS slipped 1.2%. In short: money rotated out of chips and AI into pharma and food.

The SMI is priced in francs, so a Swiss investor feels this move directly, with no currency effect. That matters in a month when the franc had its best month against the euro since 2023: foreign holdings lost value in francs, Swiss blue chips gained.

Two caveats. First, the rally is narrow: a handful of giants carry the index (more in The SMI, in 3 minutes). Second, traders expect a bumpier ride around the US midterm elections on Tuesday, 3 November, and oil is back in focus: Brent briefly traded near USD 118 a barrel on Friday, close to its late-April highs.