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Swiss Market Recovers In The Final Hour, Ends Modestly Higher
(RTTNews) - The Switzerland market ended modestly higher on Wednesday, with stocks gaining in strength in late afternoon trade after languishing in negative territory till then.
The mood was cautious with investors looking ahead to the Federal Reserve's monetary policy announcement, due later in the day. The Swiss National Bank is scheduled to announce its policy on Thursday.
The European Central Bank and the Bank of England are also set to announce their policies on Thursday.
The benchmark SMI ended with a gain of 24.07 points or 0.22% at 11,160.69. The index, which dropped to 11,079.52 in early trades, climbed to a high of 11,175.45 in the final hour.
Credit Suisse drifted down 5.67%. Givaudan ended nearly 3% down, and Sonova ended lower by 2.3%.
UBS Group, Partners Group, Geberit, Logitech and Sika shed 0.9 to 1.7%.
Novartis climbed 1.57% and Nestle surged 1.35%. Zurich Insurance Group gained 0.83%, while Holcim and Swiss Life Holding posted modest gains.
In the Mid Price Index, Zur Rose plunged more than 5%. VAT Group ended 2.1% down, while AMS, Flughafen Zurich and Temenos Group lost 1.4 to 1.6%.
Lindt & Spruengli, PSP Swiss Property, Belimo Holding and Swiss Prime Site gained 1.5 to 2%.
In economic news, data from Swiss Federal Statistical Office showed producer price inflation in Switzerland decreased to -0.5% in November from 0% in October.
Producer and import prices increased 3.8% from a year earlier in November, easing from 4.9% in the previous month.
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