Swiss Market Ends On Strong Note
(RTTNews) - The Switzerland stock market ended on a strong note on Wednesday, with investors indulging in sustained buying at several counters, reacting to quarterly earnings updates, and looking ahead to the Federal Reserve's monetary policy announcement.
The benchmark SMI, which stayed positive right through the day's session, settled with a gain of 112.73 points or 1.08% at 10,503.89. The index climbed to a high of 10.542.61 intraday.
UBS Group surged nearly 2.5%. Holcim gained about 2.2% and Swiss Re added 1.85%. Roche Holding ended higher by 1.65%.
Zurich Insurance Group, Logitech International, Nestle, Sonova, Alcon, Partners Group and Swisscom gained 1 to 1.5%. Novartis and Lonza Group posted moderate gains.
Kuehne & Nagel drifted down 1.1% and Sika ended lower by about 0.8%.
Among the stocks in the Mid Price Index, Barry Callebaut shares climbed nearly 5% after the world's biggest chocolate maker updated its mid-term volume target.
Lindt & Spruengli, Tecan Group and Dufry gained more than 2%. Sandoz, Helvetia, Swatch Group and Temenos Group advanced 1 to 1.5%.
Georg Fischer, Straumann Holding, Meyer Burger Tech, PSP Swiss Property, SIG Combibloc and SGS ended notably lower.
On the economic front, the Swiss procure.ch and Credit Suisse Manufacturing PMI dropped to 40.6 in October 2023, easing from September's 44.9. Economists had expected the reading to come in at 45.0. The reading remained close to July's 14-year low of 38.5.
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