Swiss Market Ends Modestly Higher
(RTTNews) - After a weak start and a subsequent long spell in negative territory, the Switzerland market recovered and closed modestly higher on Thursday thanks to strong buying at select frontline counters.
The benchmark SMI, which dropped to a low of 11,470.77 in early trades, ended the day's session at 11,575.37, gaining 28.90 points or 0.25%.
Givaudan and Lonza Group gained 2.66% and 2.55%, respectively. Sika, Richemont and Holcim gained 1.7 to 2.15%.
Sonova and UBS both gained nearly 1.25%. Zurich Insurance Group, Roche Holding, Swiss Re and Partners Group ended higher by 0.75% to 1%.
Novartis ended down 3.6%, while Swisscom and Swiss Life Holding ended modestly lower.
In the Mid Price Index, VAT Group, Clariant, Tecan Group and Sandoz ended higher by 2.9 to 3.7%. Lindt & Sprengli, SIG Group, Straumann Holding, BKW, Ems Chemie Holding and Adecco advanced 1.2 to 2.1%.
Meyer Burger Tech plunged 13%. ams OSRAM AG tumbled more than 7%, while Temenos Group, SGS and Flughafen Zurich ended modestly lower.
Data from the State Secretariat for Economic Affairs (SECO) showed Switzerland's unemployment rate decreased for the first time in four months in February, edging down to 2.4%, from 2.5% in January. In the corresponding month last year, the jobless rate was 2.1%.
Data also showed that the seasonally adjusted jobless rate stood at 2.2% in February, unchanged from January.
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