Markets

Swiss Market Ends Modestly Higher

(RTTNews) - The Switzerland stock market ended on a positive note on Friday, tracking the firm trend seen across Europe.

However, gains were just modest as worries about rising coronavirus cases and the economic impact of lockdown restrictions forced investors to refrain from making significant moves at higher levels.

The benchmark SMI ended up 24.85 points or 0.25% at 10,023.90. The index edged down to a low of 9,971.37 in early trades, but rose to 10,061.45 subsequently before paring some gains.

Credit Suisse climbed 2.7%. Alcon ended stronger by about 2.5%. Zurich Insurance Group, LafargeHolcim and Swatch Group gained 1 to 1.4%, while Lonza Group ended nearly 1% up. UBS Group and Nestle posted marginal gains.

ABB declined 1.7%. Sika ended down 1.28%, while Novartis declined marginally.

In the midcap section, Flughafen Zurich firmed up 4.3%. Dufry gained 4.1%. Schindler Ps ended with a gain of 2.1%

Schindler Holding gained nearly 2% after raising its 2020 guidance, and Baloise Holding moved up 1.7%. Julius Baer and PSP Swiss Property both ended nearly 1% up, while Helvetia, Lindt & Spruengli, Georg Fischer, Clariant and Ems Chemie Holding gained 0.6 to 0.8%.

Logitech slid nearly 2.5%, while SIG Combibloc and Tecan Group lost 1.75% and 1.65%, respectively. VAT Group shed 1% and Galenica Sante declined 0.9%.

According to reports, coronovirus cases in Switzerland passed the 100,000 mark as a second wave engulfs the country.

Confirmed cases in Switzerland and neighbouring Liechtenstein rose by 6,634 to 103,653, well beyond Wednesday's 5,596 figure, and the death toll rose by 10 to 1,877, according to a report in Reuters.

Switzerland's two-week infection rate per 100,000 residents "significantly exceeds" those of France and Spain, was more than twice the rates in Austria and Italy, and five times Germany's infection rate, health officials said.

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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