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SMI Ends On Buoyant Note On Fading Concerns About Aggressive Rate Hikes
(RTTNews) - The Switzerland stock market ended on a buoyant note on Thursday, despite languishing in negative territory till about an hour past noon.
Data showing a smaller than expected rise in U.S. consumer prices in the month of October helped rise optimism the Federal Reserve will be less aggressive with regard to interest rate hikes in the coming months.
The benchmark SMI ended with a gain of 216.16 points or 1.98% at 11,120.49, after scaling a high of 11,147.68. The index dropped to a low of 10,846.41 around mid morning.
Geberit climbed 8.15%, topping the list of gainers. Sika and Partners Group both gained nearly 8%, and Givaudan surged 6.9%.
Sonova, Logitech and Lonza Group gained 5.5%, 5.4% and 4.7%, respectively.
UBS Group, Richemont, Alcon, Swiss Re, ABB, Credit Suisse and Holcim gained 2.1 to 3.3%.
Zurich Insurance Group, down 1%, was the lone stock from the SMI to end in negative territory.
In the Mid Price Index, VAT Group soared more than 14%. Straumann Holding surged 11.7% and AMS rallied 10.6%.
Bachem Holding gained 7.6%, Kuehne & Nagel climbed 6.7% and SIG Combibloc gained nearly 6.5%.
Ems Chemie Holding, Belimo Holding, Temenos Group, Schindler Ps, Georg Fischer and Adecco gained 4.5 to 5.6%.
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