Swiss Market Ends On Firm Note
(RTTNews) - Despite seeing a couple of mild setbacks during the course of the session, the Switzerland stock market closed on a firm note on Tuesday as frontline stocks moved higher on bargain hunting after recent sharp losses.
The benchmark SMI ended with a gain of 64.39 points or 0.54% at 11,945.69, after scaling a low of 11,867.78 and a high of 11,996.17 intraday.
Logitech shares gained 6.15% after the computer peripherals-maker raised its earnings forecast for the current financial year.
Swiss Re climbed 2.7%, Swisscom surged up 2.52% and Zurich Insurance Group gained 2.13%. Swiss Life Holding gained nearly 2%, Partners Group moved up 1.9% and UBS Group advanced more than 1.5%.
Novartis and Roche Holding gained 0.61% and 0.42%, respectively. ABB and Givaudan also closed on a firm note.
Holcim shares gained about 0.5% after the company said it sold its cement business in Northern Ireland to Cookstown Cement Ltd for 70 million Swiss franc, covering a production capacity of 0.45 million tons.
Credit Suisse ended nearly 1% down after warning that it was likely to make a net loss in the fourth quarter. Lonza Group and SGS ended lower by 0.88% and 0.85%, respectively.
Among the stocks in the Swiss Mid Price Index, BB Biotech gained nearly 3.5%. Schindler Holding, Schindler Ps, Cembra Money Bank, Helvetia and Dufry gained 2 to 2.7%.
Adecco advanced 1.8%, while Lindt & Spruengli Part and AMS both gained about 1.5%.
Swatch Group declined nearly 4%, giving up earlier gains after saying sales of Swiss watches recovered strongly last year from the slump caused by pandemic-related lockdowns.
SIG Combibloc ended nearly 2% down, while Georg Fischer and Tecan Group both ended lower by about 0.85%.
