Two of EWL’s largest components are Novartis and Roche. In the last month they are up 8% and 5% respectively.

Additionally the Swiss franc has rallied against the Australian dollar. The pair is a fear meter of sorts.

This may account for the move in EWL.

Certain countries play different roles in the world market and some like the US, Japan or Germany are big benchmark markets. I would classify Switzerland has a role player due to its bomb shelter attributes. hope that helps.