Swiss Market Ends Sharply Higher On Strong Earnings News
(RTTNews) - The Switzerland stock market ended on a strong note on Tuesday, tracking positive global cues and reacting to some buoyant earnings updates.
The benchmark SMI, which stayed firm right through the session, ended with a gain of 177.81 points or 1.68% at 10,773.34, near the day's high.
Logitech, which soared 12.5%, was the top gainer in the SMI Index.
UBS Group climbed 7.73% after beating profit expectations in its third quarter. UBS said net income in the July - September 2022 quarter was $1.73 billion, compared with analyst estimates of $1.57 billion. The wealth management unit saw lending revenue jump amid client inflows of $17.1 billion.
Sika gained about 3.75% after the U.K.'s Competition and Markets Authority announced that it was considering a solution to address concerns relating to the merger of Sika AG and MBCC Group.
Partners Group rallied 5.23%, while Givaudan and Lonza Group gained 3.85% and 3.64%, respectively.
Richemont, Geberit and Sonova climbed 2.4 to 2.6%, Credit Suisse gained 2%, whileABB, Roche Holding and Swiss Life Holding ended higher by 1.2 to 1.53%.
In the Mid Price Index, VAT Group surged nearly 6% and Belimo Holding gained about 5.4%. Kuehne & Nagel climbed 4.3% and Zur Rose gained nearly 4%.
PSP Swiss Property, Julius Baer, AMS, Georg Fischer, Swiss Prime Site, Temenos Group and Straumann Holding gained 2 to 3.2%.
Euro Higher Against Majors
TSX Down Marginally In Lackluster Trade
Swiss Market Ends On Firm Note
European Stocks Close Mixed After Cautious Session
U.S. Business Inventories Rise In Line With Estimates In June
U.S. Consumer Sentiment Unexpectedly Deteriorates In August
U.S. Industrial Production Pulls Back Slightly In July
