Swiss Market Ends On Firm Note

(RTTNews) - The Switzerland stock market shrugged off a mild mid-morning setback and climbed higher on Friday as a few frontline stocks recorded strong gains thanks to sustained buying interest.

Data showing a drop in consumer price inflation aided sentiment.

The benchmark SMI ended with a gain of 97.87 points or 0.85% at 11,554.24, the day's high.

Bank stocks moved higher amid slightly easing worries about banking sector woes. Credit Suisse rallied 5.1%. UBS Group gained nearly 4%.

Logitech, Sika, Holcim, Sonova, Givaudan, Partners Group and Swiss Life Holding gained 1.3 to 2%. Zurich Insurance Group, ABB and Swiss Re ended nearly 1% up.

In the Mid Price Index, Bachem Holding climbed 5.3%. AMS gained nearly 5%. Dufry and Adecco surged 3.6% and 3.35%, respectively.

Barry Callebaut, Zur Rose, Baloise Holding, VAT Group, SIG Combibloc, Georg Fischer, Julius Baer, Straumann Holding and Helvetia gained 1.4 to 2.1%.

Galenica Sante ended lower by 2.3%. Temenos Group, PSP Swiss Property and Tecan Group lost 1.1 to 1.2%.

Data released by the Federal Statistical Office showed Switzerland's consumer price inflation eased more-than-expected in April to the lowest level in a year amid a slowdown in prices for a broad number of categories.

The consumer price index, or CPI, climbed 2.6% year-over-year in April, slower than the 2.9% gain in March. Economists had expected inflation to ease slightly to 2.8%.

The overall inflation in April was largely driven by a 5.4% rise in the prices of food and non-alcoholic beverages, though slower than the 6.3% increase in March. The annual price growth in housing and energy eased to 3.7% from 4.3%.

On a monthly basis, consumer prices remained flat in April versus a 0.2% rise in the prior month.