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Swiss Market Ends On Firm Note
(RTTNews) - The Switzerland stock market ended on a firm note on Wednesday, in line with markets across Europe.
Data showing a moderation in eurozone inflation, and expectations about China relaxing its Covid-related restrictions sometime soon helped underpin sentiment.
The benchmark SMI ended with a gain of 49.96 points or 0.45% at 11,127.77, the day's low. The index touched a high of 11,204.88 in the session.
Richemont rallied nearly 3.5%. Partners Group and Sika both gained about 1.8%. Givaudan surged 1.3%, while Nestle and Lonza Group gained 0.97% and 0.8%, respectively.
Credit Suisse drifted down 2.76%. UBS Group ended 0.72% down, while Roche Holding ended nearly 0.5% down.
In the Mid Price Index, Bachem Holding gained about 3.5% and SIG Combibloc climbed 3.2%. Tecan Group advanced 2.35%.
Straumann Holding, Swatch Group, Lindt & Spruengli, Kuehne & Nagel and AMS gained 1.4 to 2%.
Clariant, Georg Fischer, Adecco, Schindler Ps, Schindler Holding and Zur Rose lost 1 to 2.5%.
In economic news, a leading indicator for Switzerland's economy dropped for the fifth month in a row in November, defying expectations for an improvement, to signal subdued economic activity in the coming months, results of a survey showed.
The economic barometer dropped to 89.5 from 90.9 in October, the KOF Swiss Economic Institute said. Economists had expected reading to rise to 91.3.
"The negative development of the barometer is primarily driven by indicator bundles for the sector other services," the KOF said.
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