Swiss Market Ends Modestly Higher After Mild Struggle
(RTTNews) - The Switzerland market recovered after a flat start on Thursday, and after staying positive till well past noon, suffered a setback but regained some strength to eventually end the day's session modestly higher.
The benchmark SMI climbed to 12,026.48 around mid morning, touched a low of 11,952.94 by mid afternoon, but recovered to settle with a gain of 22.76 points or 0.19% at 12,001.61.
Schindler Ps and Zurich Insurance gained 1.52% and 1.41%, respectively. Novartis and Swiss Life Holding climbed by about 1.1% and 1%, respectively.
UBS Group, Amrize, Richemont and ABB closed modestly higher.
Swiss Re closed down 3.45%. Partners Group and Straumann Holding ended lower by about 1.7% from previous closing levels.
Julius Baer, SIG Group, Sandoz Group, Alcon, Swatch Group, Kuehne + Nagel, Givaudan and Holcim lost 0.4 to 1.4%.
Data from the Federal Statistical Office showed Switzerland's producer and import prices continued to decline in July.
Producer and import prices dropped 0.9% year-on-year in July, faster than the 0.7% decrease in June. The price index has been falling since May 2023.
The producer price index showed a flat change, while import prices dropped by 2.8%.
On a monthly basis, producer and import prices dropped 0.2 percent in July after falling 0.1 percent in the prior month. Meanwhile, prices were expected to remain flat.
Prices fell in particular for watches and medical and dental instruments and supplies over the month, while petroleum, natural gas, and petroleum products saw higher prices.
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