Swiss Market Ends Modestly Higher
(RTTNews) - The Switzerland stock market ended moderately higher on Friday, recovering swiftly after a tumble in the final hour.
Stocks faltered a few minutes into the final hour as worries about the outlook for interest rates rose after data from the U.S. Labor Department showed strong than expected growth in non-farm payroll employment in the month of September.
Investors also digested Swiss unemployment data.
The benchmark SMI, which dropped to 10,731.56 after having climbed to 10,854.05 earlier in the session, settled at 10,837.59 with a gain of 54.44 points or 0.5%.
Data from the State Secretariat for Economic Affairs, or SECO, showed the unadjusted unemployment rate in Switzerland came in at 2% in September, the same as in August.
In the corresponding month last year, the jobless rate was 1.9%.
Partners Group, Swiss Life Holding and Lonza Group gained 2.17 to 2.3%.
Swiss Re and Holcim both gained nearly 2%. Sonova, UBS Group, Zurich Insurance Group, ABB, Logitech, Novartis, Sika and Richemont gained 1 to 2%. Kuehne & Nagel advanced nearly 1%.
Nestle and Givaudan ended lower by 2.53% and 2.38%, respectively.
In the Mid Price Index, Julius Baer climbed nearly 3%. Dufry gained 2.52%, while Belimo Holding, Adecco, Temenos Group, Ems Chemie Holding, PSP Swiss Property and Helvetia ended higher by 1 to 1.7%.
Meyer Burger Tech tumbled 6.25%. AMS and Lindt & Spruengli both ended lower by nearly 4%.
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