Markets

Swiss Market Ends Notably Higher On Trade Hopes, Employment Data

(RTTNews) - The Switzerland stock market ended notably higher on Thursday as trade worries eased after China and the U.S. expressed hopes about resumption of trade talks.

Strong Swiss employment data too aided sentiment.

The benchmark SMI ended up 80.29 points, or 0.82%, at 9,838.48, around 10 points off the day's high of 9,848.71. The Index edged down marginally in early trades, before emerging in positive territory.

ABB gained more than 2%. Givaudan, Geberit, Credit Suisse, Sika and Zurich Insurance moved up 1.5 to 1.85%.

Richemont, Swatch Group, LafargeHolcim, UBS Group, Swiss Life Holding and Lonza Group shares gained 1 to 1.35%. Nestle, Adecco, Alcon, SGS and Swisscom also ended notably higher.

Roche Holding ended flat. The company announced that its medicine Tecentriq won European approval to be used against tough-to-treat triple-negative breast cancer.

Among the stocks in the midcap section, Temenos Group gained about 2.8% after the company agreed to acquire U.S. digital banking company Kony Inc. for an enterprise value of $559 million and an earn-out of $21 million, subject to regulatory approvals.

Schindler Ps, AMS, Schindler Holding, VAT Group, Julius Baer and Flughafen Zurich gained 2 to 2.7%. Helvetia, Clariant and Ems Chemie Holding also ended sharply higher.

In economic news, Switzerland's non-farm payrolls increased 1.2% from a year earlier to an all-time high of 5.109 million in the second quarter of 2019, following a 1.3% advance in the previous three-month period.

Employment in the industrial sector grew 1.5% to 1.103 million. Payrolls in services went up 1.1% to 4.006 million.

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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