Swiss Stock Market Rebounds On Friday

(RTTNews) - The Swiss stock market bounced higher again on Friday, one day after halting the three-day winning streak in which it had advanced more than 140 points or 1.3 percent.

The SMI defied most of the other markets in Europe, which were down after rising U.S. Treasury rates dented demand for riskier assets.

For the day, the SMI gained 61.38 points or 0.55 percent to finish at 11,256.29 after trading between 11,116.71 and 11,277.38.

Among the actives, Sike surged 4.89 percent, while Credit Suisse tumbled 2.47 percent, Compagnie Financiere Richemont declined 1.77 percent, Roche Holding jumped 1.42 percent, Novartis rallied 1.17 percent, Swisscom advanced 0.95 percent, Swiss Life collected 0.62 percent, UBS Group sank 0.59 percent, Swatch Group rose 0.21 percent and Swiss Re eased 0.02 percent.

In economic news, Switzerland's industrial production continued to expand strongly in the fourth quarter on the back of sharp growth in the manufacturing sector, while construction output contracted, the Federal Statistical Office reported on Friday.

Industrial production rose 6.1 percent year-over-year in the fourth quarter, slightly faster than the 6.0 percent rise in the third quarter.

On the corporate front, Reinsurer Swiss Re AG (SSREY.PK) reported Friday that its fiscal 2022 net income was $472 million, down from last year's $1.44 billion. In the fourth quarter, net income was $757 million.

The decline was due to the impact of economic inflation on actual and expected claims in the property and casualty businesses, mark-to-market impacts on listed equity investments and large natural catastrophe claims above expectations.