Swiss Market Ends Sharply Higher On Strong Earnings News

RTTNews | 990 days ago
Swiss Market Ends Sharply Higher On Strong Earnings News

(RTTNews) - The Switzerland stock market ended on a strong note on Tuesday, tracking positive global cues and reacting to some buoyant earnings updates.

The benchmark SMI, which stayed firm right through the session, ended with a gain of 177.81 points or 1.68% at 10,773.34, near the day's high.

Logitech, which soared 12.5%, was the top gainer in the SMI Index.

UBS Group climbed 7.73% after beating profit expectations in its third quarter. UBS said net income in the July - September 2022 quarter was $1.73 billion, compared with analyst estimates of $1.57 billion. The wealth management unit saw lending revenue jump amid client inflows of $17.1 billion.

Sika gained about 3.75% after the U.K.'s Competition and Markets Authority announced that it was considering a solution to address concerns relating to the merger of Sika AG and MBCC Group.

Partners Group rallied 5.23%, while Givaudan and Lonza Group gained 3.85% and 3.64%, respectively.

Richemont, Geberit and Sonova climbed 2.4 to 2.6%, Credit Suisse gained 2%, whileABB, Roche Holding and Swiss Life Holding ended higher by 1.2 to 1.53%.

In the Mid Price Index, VAT Group surged nearly 6% and Belimo Holding gained about 5.4%. Kuehne & Nagel climbed 4.3% and Zur Rose gained nearly 4%.

PSP Swiss Property, Julius Baer, AMS, Georg Fischer, Swiss Prime Site, Temenos Group and Straumann Holding gained 2 to 3.2%.

read more
Bay Street Likely To Open Lower

Bay Street Likely To Open Lower

Canadian shares look headed for a weak start on Friday due to trade war concerns, although fairly firm crude oil and bullion prices may help limit the market's downside. Data showing an increase in Canadian employment in the month of June and a drop in the unemployment rate may also aid sentiment a bit.
RTTNews | 2h 28min ago
Pound Falls As U.K. Economy Contracts For Second Straight Month

Pound Falls As U.K. Economy Contracts For Second Straight Month

The British pound weakened against other major currencies in the European session on Friday, as the UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in achieving her self-imposed borrowing rules.
RTTNews | 2h 35min ago
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Friday.
RTTNews | 2h 58min ago
Yen Retreats Amid US-Japan Trade Uncertainty

Yen Retreats Amid US-Japan Trade Uncertainty

The Japanese yen retreated from early highs against other major currencies in the European session on Friday, amid concerns on US-Japan relations in light of Trump's placement of a 25 percent tariff on Japanese exports this week, which will go into force on August 1.
RTTNews | 3h 47min ago
UK Economy Contracts For Second Straight Month

UK Economy Contracts For Second Straight Month

The UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in meeting her self-imposed borrowing rules. Gross domestic product fell unexpectedly by 0.1 percent in May, following a 0.3 percent drop in April, data from the Office for National Statistics revealed on Friday.
RTTNews | 4h 17min ago
CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

French stocks are notably lower on Friday, weighed down by losses in automobile and luxury sectors. The mood in the market is a bit bearish, in line with other major markets in Europe, amid renewed worries about tariffs.
RTTNews | 4h 24min ago