Markets

Swiss Market Ends Higher For 3rd Straight Day

(RTTNews) - The Swiss market extended its gains to a third straight session, as investors picked up some key stocks on Monday despite worries about U.S.-China trade dispute.

A new round of tariffs imposed by the U.S. and China against each other's goods took effect over the weekend.

Data showing Switzerland's retail sales to have grown at the fastest pace in nine months in the month of July aided sentiment.

The benchmark SMI ended up 28.89 points, or 0.29%, at 9,924.54, after scaling a low of 9,894.94 and a high of 9,957.15 in the session.

On Friday, the index ended up 57.17 points, or 0.58%, at 9,895.65. The index gained 0.82% a session earlier.

Adecco gained 1.84%. Swiss Re gained nearly 1.5% and SGS moved up 1.25%, while Roche Holding closed higher by about 1.1%.

Credit Suisse, Zurich Insurance Group and Nestle closed modestly higher.

Richemont declined by about 1%. Alcon, Novartis, Sika and Swatch Group shed 0.3 to 0.6%.

In the midcap space, Flughafen Zurich, Sonova, Straumann Holding and Partners Group gained 1 to 1.1%. Barry Callebaut and Jeehne & Nagel also closed on a firm note.

AMS declined nearly 3%. Temenos Group, Ems Chemie, Lindt & Sp, GAM Holding and Dorma Kaba Holding ended with sharp to moderate losses.

On the economic front, data from the Federal Statistical Office showed Swiss retail sales rose a working day adjusted real 1.4% year-on-year in July, following a 0.7% increase in June.

The latest increase in sales was the highest since October last year, when sales showed a similar growth.

Retail sales of non-food sector grew 2.4% annually in July and those of food, beverages and tobacco rose 1%. On a monthly basis, retail sales fell 0.1% in July, after a 1.2% rise in the previous month.

In nominal terms, retail sales rose 1.5% annually in July and increase 0.1% from a month ago.

Most of the markets across Europe closed higher, extending recent gains. The pan European Stoxx 600 ended up 0.31%. Among the major markets in Europe, the U.K. ended on a buoyant note with its benchmark FTSE 100 rising 1.11%. Germany's DAX and France's CAC 40 gained 0.13% and 0.15%, respectively.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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