Swiss Market Ends On Firm Note Again
(RTTNews) - The Switzerland market's benchmark index SMI closed on a firm note on Thursday after staying positive throughout the session, as oil prices and bond yields dropped following a rate hike by the Federal Reserve and hopes that the central bank will strive to rein in inflation.
The SMI ended the day with a gain of 78.65 points or 0.57% at 13,947.31 after moving between 13,876.65 and 13,982.98.
Helvetia Baloise Holding moved up 5.3%. Sandoz Group climbed 3.3%, Galderma Group gained nearly 2.5% and Logitech International ended 2.4% up.
ABB, Novartis, VAT Group, Swiss Life Holding, Lonza Group, Sonova, Julius Baer and Sika gained 1%-1.7%. Nestle, Givaudan, Lindt & Spruengli, Zurich Insurance and Schindler Ps also ended notably higher.
Alcon drifted down 3%. Amrize ended nearly 1.5% down. Straumann Holding, Kuehne + Nagel and Roche ended modestly lower.
Data released by the Federal Customs Administration showed Switzerland's trade surplus narrowed to CHF 5.6 billion in August from a record CHF 8.1 billion in the previous month. Imports fell 11.6% month-on-month to a one-year low of CHF 17.4 billion, while exports dropped 17.2% from a month earlier to a four-month low of CHF 23.1 billion.
