Swiss Market Ends On Firm Note
(RTTNews) - The Switzerland stock market ended on a firm note on Wednesday, in line with the trend across Europe, amid hopes the European Central Bank and the U.S. Federal Reserve will come up with measures to boost economic growth.
Positive reaction to China's decision to exempt sixteen types of American-made products from additional retaliatory tariffs with effect from October contributed as well to market's uptick.
The benchmark SMI ended up 78.11 points, or 0.78%, at 10.098.59, slightly off a record high of 10,109.29 it had touched in the previous week.
On Tuesday, the SMI ended down 38.89 points, or 0.39%, at 10,020.48.
Geberit gained 2.75% following a rating upgrade of the stock to "hold" by Berenberg Bank.
Richemont and Swatch Group both ended higher by about 2.4%. Alcon, Credit Suisse, Sika, Givaudan, ABB, UBS Group and Swisscom gained 1 to 1.6%. Zurich Insurance, Swiss Life Holding, Novartis and Adecco ended with modest gains.
Among midcap stocks, AMS ended stronger by 7.2%. Vifor Pharma gained nearly 2.5%. The company said it has appointed Klaus Henning Jensen as Chief Medical Officer and Member of the Executive Committee, to take up the role in January 2020. He replaces Dario Eklund, who is leaving to pursue opportunities outside Vifor.
Kuehne & Nagel, OC Oerlikon Group, Ems Chemie, Logitech International, Georg Fischer, Temenos Group, Baloise Holding, BB Biotech, Julius Baer and Clariant also ended notably higher.
Among the other major markets in Europe, the U.K., Germany and France, all ended higher. The U.K.'s FTSE 100 advanced 0.96%, Germany's DAX gained 0.64% and France's CAC 40 moved up 0.44%. The pan European Stoxx 600 ended up 0.85%.
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