SMI shake-up sees winners and losers
The annual shake-up of the blue-chip Swiss Market Index took effect on Monday. It saw some companies increase their weighting in the index and one drop out altogether.
On Friday, 29 companies were listed on the SMI's Virt-x exchange platform in London. On Monday morning, EMS Chemie lost its blue chip status and its shares have been repatriated to trade in Switzerland.
The food giant, Nestlé, saw its weighting in the SMI increase to 18.8 per cent against 17.4 per cent on Friday. The country's biggest bank, UBS, saw its weighting go up to 13.3 per cent from 12.5 per cent.
The biotechnology company, Serono, lost weight and now accounts for just 0.6 per cent of the index rather than 1.9 per cent.
The five heaviest weighted companies - Novartis, Nestlé, UBS, Roche and
Credit Suisse Group represent 75.8 per cent of the SMI.
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