Swiss Market Ends On Bright Note
(RTTNews) - The Switzerland stock market ended on a bright note on Friday, after staying firm right through the day's session amid optimism global central banks will likely stop hiking rates and might even consider rate cuts next year.
Data showing sharp jump in Swiss industrial production in the third quarter aided sentiment.
The benchmark SMI, which climbed to 10,763.96 around late morning, ended the day's session with a gain of 94.30 points or 0.89% at 10,737.37.
Among SMI components, only Kuehne & Nagel and Swisscom failed to make it to positive territory today. The two stocks edged down marginally.
UBS Group rallied nearly 3%. Richemont climbed 2.41%. Zurich Insurance Group, Partners Group, Swiss Life Holding, Geberit and Novartis gained 1 to 1.6%.
Swiss Re and Sonova both gained nearly 1%. ABB and Lonza Group gained 0.54% and 0.48%, respectively.
In the Mid Price Index, Tecan Group surged nearly 4%. Avolta gained about 2.4% and Adecco advanced 1.85%.
Georg Fischer, Straumann Holding, Temenos Group, Schindler Holding and Belimo Holding ended higher by 1 to 1.5%.
Meyer Burger Tech ended down 1.86%, and Sandoz drifted down 1.28%. Lindt & Spruengli closed nearly 0.5% down.
Data from the Federal Statistical Office showed industrial production in Switzerland increased 2% year-on-year in the third quarter of 2023, rebounding from a downwardly revised 0.7% fall in the previous quarter.
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