Swiss Market Ends On Buoyant Note

(RTTNews) - The Switzerland market closed on a buoyant note on Wednesday, in line with markets across Europe, as optimism about a ceasefire in Ukraine, and data showing a less than expected increase in U.S. consumer prices in the month of February lifted investor sentiment.

The benchmark SMI, which climbed to 12,977.76 around mid afternoon, ended the day's session with a gain of 176.18 points or 1.39% at 12,868.43.

Sandoz Group and Roche Holding climbed 3.81% and 3.64%, respectively. Roche announced that it has signed a $5.3 billion deal with biotechnology company Zealand Pharma to jointly develop and commercialize the latter's petrelintide as a potential foundational therapy for obesity.

Richemont, Givaudan and Swiss Re gained 2.37%, 2.11% and 2.08%, respectively.

SGS climbed nearly 2%. Julius Baer, UBS Group, Sika, Holcim and Swiss Life Holding gained 1.3 to 1.6%.

ABB, VAT Group, Zurich Insurance Group, Lonza Group, Schindler Ps, Alcon, Partners Group, Adecco, Straumann Holding, Novartis and Nesle closed higher by 0.5 to 1.1%.

Logitech International ended down 2.2%. Kuehne + Nagel closed 1.23% down, while Lindt & Spruengli and Swatch Group drifted down 0.67% and 0.45%, respectively.

On the tariff front, U.S. President Donald Trump's 25% tariffs on all steel and aluminum imports from its trading partners came into effect today. In response, the European Union announced "swift and proportionate" countermeasures on 26 billion euros worth of US goods. Canada retaliated too by imposing tariffs on CA$29.8 billion worth of US products. Meanwhile, the UK said it would "keep all options on the table."