Compagnie Financière Richemont

IWC Schaffhausen is cutting 18 of roughly 800 positions and has reached agreements with all affected employees, pledging individual support. The company says it will adjust parts of its organisational structure while emphasising its continued commitment to the Schaffhausen site and further investments there. Richemont’s share reacted only slightly and was little changed. » Altro su finanzen.net

Deutsche Bank Research raises the target price for Richemont from 195 to 210 francs and keeps the rating at 'Buy' after strong quarterly results. Revenue was well above expectations; in the jewellery business sales growth at constant exchange rates rose by almost a quarter. The gold price, which had been a headwind, could lose influence in the second half of the year. » Altro su finanzen.net

The Swiss stock market closed slightly higher; the SMI rose 0.5% to 14,307 points. Richemont jumped sharply after strong first-quarter sales and led the index with a 6.7% gain. Swatch and Partners Group also rose, while insurers such as Swiss Re and Zurich fell. UBS continued to gain on the back of convincing US bank results; construction sector stocks showed moderate price gains. » Altro su finanzen.net