Swiss Market Ends On Buoyant Note

(RTTNews) - The Switzerland stock market ended on a buoyant note on Wednesday on positive global cues after concerns about global banking crisis eased further following U.S. regulators expressing confidence about the health of the banking sector.

Top U.S. regulators said banks were solvent and blamed the recent collapse of Silicon Valley Bank on mismanagement rather than systemic risks.

The benchmark SMI ended with a gain of 124.20 points or 1.15% at 10,963.31.

Credit Suisse rallied more than 4%. UBS Group surged 3.72% after the lender rehired Sergio Ermotti as CEO to steer its massive takeover of neighbor Credit Suisse.

Logitech climbed 3.3%. Sonova, Richemont, Sika, Givaudan and Swiss Life Holding gained 2.1 to 2.6%. Partners Group, Geberit, Nestle and Zurich Insurance Group ended higher by 1.5 to 1.8%.

Alcon drifted down 1.08%, and Novartis ended lower by 0.56%.

In the Mid Price Index, AMS climbed 3.84%. Temenos Group, Adecco, Helvetia, Lindt & Spruengli N, Kuehne & Nagel and Lindt & Spruengli Part gained 2 to 2.7%.

Georg Fischer gained nearly 2%. Zur Rose, Clariant, Barry Callebaut, Flughafen Zurich, Straumann Holding, Dufry and Tecan Group also ended notably higher.

A report from Credit Suisse & CFA Society said Swiss investor sentiment sank by 29 points to -41.3 in March of 2022, the first monthly increase in pessimism since November 2022, as the collapse of Credit Suisse and its forced takeover by UBS led to a crisis in the Swiss financial sector.

Sentiment regarding current conditions deteriorated by 3.2 points to 15.2. "Sentiment among Swiss financial analysts is deteriorating once again, and prospects for equity returns are suffering due to the recent banking turmoil," the CFA said.