Swiss Market Ends Modestly Higher

RTTNews | 1034 days ago

(RTTNews) - After a weak start and a subsequent rebound, the Switzerland stock market tumbled into the red on Wednesday, but recovered gradually past mid afternoon to eventually end the day's session on a positive note.

A firm trend in other European markets helped lift sentiment in the final hour. A report showing an improvement in Swiss investor sentiment in the month of October helped as well.

The benchmark SMI, which dropped to 10,689.81 around mid afternoon, ended the session with a gain of 43.87 points or 0.41% at 10,817.21.

Alcon climbed 2.18%. Lonza Group gained nearly 2%. Sika, Geberit, Sonova and Partners Group surged 1.27 to 1.5%. Novartis advanced 1.03%.

UBS Group ended 1.13% down on profit taking. Logitech declined 0.78%, while Givaudan and Credit Suisse ended lower by about 0.55%.

In the Mid Price Index, Zur Rose, Adecco and Schindler Holding gained 2.4 to 2.7%. Julius Baer and Schindler Ps advanced 1.8% and 1.7%, respectively.

Bachem Holding ended nearly 2% down. PSP Swiss Property and Swatch Group both shed nearly 1%, while Lindt & Spruengli lost 0.7%.

A report from Credit Suisse & CFA Society showed the Swiss investor sentiment index improved by 16.1 points from the previous month to -53.1 in October of 2022. However, that marked the eight consecutive month of negative confidence.

Meanwhile, the assessment of current economic conditions fell by 2.3 points from the previous month to 15.7.

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