Swiss Market Ends On Firm Note

(RTTNews) - After a weak start and a subsequent recovery, the Switzerland market suffered a mild setback around early afternoon on Wednesday, but recovered swiftly and climbed higher to end the day's session on a firm note.

Encouraging U.S. and UK consumer price inflation data aided sentiment.

The benchmark SMI closed with a gain of 79.17 points or 0.68% at 11,781.74.

Sandoz Group climbed 4.1%. Julius Baer and Geberit gained about 3.3% and 3.1%, respectively. Straumann Holding closed nearly 2.5% up, while Adecco and UBS Group both gained about 2%.

Zurich Insurance Group, Logitech International, Swiss Life Holding, Sonova, Swiss Re, ABB, Lonza Group, VAT Group and Sika advanced 1 to 1.7%.

Partners Group, Roche Holding, Givaudan, Schindler Ps and Holcim also posted notable gains.

SGS tanked nearly 6.5% after it confirmed that it is in merger talks with French peer Bureau Veritas.

Lindt & Spruengli closed down 1.27%, while Richemont and Nestle closed lower by 0.82% and 0.67%, respectively.

Data from the Labor Department showed consumer prices in the U.S. rose by slightly more than expected in December, while the annual rate of core consumer price growth unexpectedly slowed.

The Labor Department said its consumer price index climbed by 0.4% in December after rising by 0.3% in November. Economists had expected consumer prices to rise by another 0.3%.

The report also said the annual rate of growth by consumer prices accelerated to 2.9% in December from 2.7% in November, in line with economist estimates.

Data from the Office for National Statistics showed UK consumer price inflation moderated unexpectedly in December, registering an annual increase of 2.5% in the month, weaker than the 2.6% rise in November. The rate was seen unchanged at 2.6%.

Month-on-month, the CPI climbed 0.3%, following a 0.1% rise in November. Prices were expected to gain 0.4%.