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Swiss Market Recovers After Weak Spell, Ends On Positive Note
(RTTNews) - The Switzerland stock market ended modestly higher on Wednesday, tracking positive global cues after data from U.S. Labor Department showed consumer price inflation in the world's largest economy came in flat in the month of July.
The data said the consumer price index was unchanged in July after jumping by 1.3% a month earlier. Economists had expected prices to edge up by 0.2%.
The tamer than expected inflation data has led to speculation that the Federal Reserve will slow the pace of interest rate hikes at its September meeting.
Investors also continued to react to quarterly earnings updates.
The benchmark SMI, which stayed in negative territory till more than a couple of hours past noon, emerged higher thereafter to close with a gain of 22.62 points or 0.2% at 11,155.10. The index touched a low of 11,065.11 and a high of 11,170.46 in the session.
Partners Group surged 5.14%. Logitech, Credit Suisse, Sika and Geberit advanced 3 to 3.4%.
ABB, Givaudan, Lonza Group, Richemont, Zurich Insurance Group, Holcim and UBS Group gained 1.4 to 2.35%.
Alcon drifted down more than 6%. Swisscom and Nestle shed 1.4% and 1.1%, respectively. Novartis ended 0.9% down, while Roche Holding closed lower by 0.44%.
In the Swiss Mid Price Index, AMS rallied nearly 7%. Temenos Group gained 5.84% up and Zur Rose surged 5.2%. Georg Fischer, Tecan Group, Clariant, Ems Chemie Holding, VAT Group, Kuehne & Nagel, Julius Baer and Swiss Prime Site gained 2.6 to 4%.
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