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Swiss Market Ends On Buoyant Note
(RTTNews) - The Switzerland stock market opened on a firm note on Friday, and despite a couple of mild setbacks that resulted in a brief fall into the red, surged higher as the day progressed to end the session with strong gains.
Easing concerns about an aggressive rate hike in the upcoming Fed meeting contributed to market's sharp upmove.
The benchmark SMI ended with a gain of 182.57 points or 1.69% at 10,982.09, the day's high.
Lonza Group climbed 3.6%. Roche Holding, Sika, Geberit and Alcon ended stronger by 2 to 2.6%. Novartis, ABB, Nestle and UBS Group gained nearly 2%.
SGS, Logitech, Holcim and Credit Suisse also ended with impressive gains.
Richemont ended 2.85% down after the Swiss luxury group saw sales in mainland China plunge 37% in the three months through June amid lockdowns, stringent testing requirements and a near collapse in international tourist travel.
Among the stocks in the Swiss Mid Price Index, AMS climbed 6%, Straumann Holding surged 5.5% and Dufry gained 4.2%.
Georg Fischer, Temenos Group, Tecan Group and Sonova ended higher by 3 to 3.5%. Adecco, Schindler Holding, PSP Swiss Property, Clariant and Schindler Ps also moved up sharply.
Swatch Group fell more than 3%. Bachem Holding and Lindt & Spruengli ended lower by 1.2% and 1.1%, respectively.
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