Swiss Market Ends On Upbeat Note

(RTTNews) - The Switzerland stock market ended on an upbeat note on Tuesday with investors indulging in some hectic buying across the board after data showing a smaller than expected increase in U.S. consumer prices helped ease worries about interest rates.

The benchmark SMI ended with a gain of 125.34 points or 1.18% at 10,715.73, slightly off the day's high.

Richemont rallied more than 5.5%. For the first half ending September 30, Richemont posted sales of €10.22 billion ($10.94 billion), a 6% year-over-year increase at actual exchange rates.

Sonova, Geberit, Lonza Group, Partners Group and Sika gained 3 to 4.5%.

ABB, HOlcim, Alcon, Kuehne & Nagel and Swiss Life Holding surged 1.8 to 2.5%. UBS Group ended higher by a little over 1%.

Swisscom, Swiss Re and Novartis missed out on the rally and ended weak.

In the Mid Price Index, Meyer Burger Tech soared nearly 9%. Tecan Group climbed about 7% and Straumann Holding gained almost 6%.

Avolta, Sandoz, Belimo Holding, VAT Group, AMS, Swiss Prime Site and Georg Fischer gained 3 to 4.5%. PSP Swiss Property, Swatch Group, Barry Callebaut, Adecco and Julius Baer also ended sharply higher.

The Swiss National Bank will review whether the policy measures take thus far were enough to keep inflation within the target range on a sustainable basis and stands ready to tighten policy further if needed, SNB Chairman Thomas Jordan said today.

Switzerland's central bank had kept unexpectedly the policy rate unchanged at 1.75% in September.

Policymakers had assessed that the significant tightening of policy over the past five consecutive meetings is countering inflationary pressures, though the bank left the door open for future hikes.

"However, we emphasized that price stability may not yet be ensured," Jordan said in a speech. "Thus, we will not hesitate to tighten monetary policy further if necessary."