Swiss Market Ends Modestly Higher
(RTTNews) - The Switzerland market ended on a positive note on Tuesday, bucking the largely negative sentiment in markets across Europe amid fading hopes about an early interest rate cut by central banks.
The benchmark SMI, which stayed week till more than an hour past noon, and moved along the flat line for the next couple of hours, moved higher subsequently to finish with a modest gain of 22.14 points or 0.2% at 11,229.65.
Nestle, up 1.2%, was the top gainer in the SMI index. Swiss Life Holding, Novartis and Zurich Insurance Group gained 0.98%, 0.87% and 0.77%, respectively.
Richemont and Partners Group closed lower by 1.68% and 1.52%, respectively. Sika and Holcim both ended lower by more than 0.5%.
In the Mid Price index, Lindt & Spruengli climbed nearly 8%. Meyer Burger Tech plunged nearly 12%. Tecan Group, Georg Fischer and Belimo Holding dropped 2.4 to 2.6%.
Hopes about early interset rate cuts faded after comments from a few top global central bank officials. French central bank Governor Francois Villeroy de Galhau said in Davos that it's too early to declare victory over inflation, but the ECB's next move is likely to be an interest rate cut sometime this year.
Separately, Robert Holzmann, Austria's central bank governor, said investors should not "bank" on the ECB cutting rates at all this year.
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