Swiss Market Ends On Firm Note

(RTTNews) - The Switzerland stock market ended notably higher on Thursday, regaining most of the ground it lost a session earlier, amid selective buying at a few frontline counters.

The benchmark SMI despite a brief spell in negative territory a little past midafternoon, ended the session with a gain of 101.98 points, or 1.11%, at 9,270.96. The index touched a low of 9,075.15 and a high of 9,318.61 in the session.

On Wednesday, the SMI ended down 142.94 points, or 1.54%, at 9,168.98.

Swiss Re gained 2.76%, extending recent uptick. Givaudan closed stronger by about 2.65%.

Novartis ended 2.4% up. The company announced that it has scrapped scrapped the sale of its U.S. dermatology and generic pill assets to India's Aurobindo Pharma after failing to get approval from a U.S. regulator.

Credit Suisse and UBS Group gained 2% and 1.8%, respectively. Adecco, Swisscom, Swatch Group, Nestle, Roche Holding and ABB gained 1 to 1.5%.

Alcon shares declined 3.2%. Sika ended lower by 2.6% and Lonza Group shed a little over 1%.

In the midcap section, Dufry rebounded from recent losses and ended nearly 11.5% up. AMS ended up 1.73%.

Georg Fischer said it decided to partially or completely shut down various plants in Europe for the next weeks and was launching a comprehensive cost measure package in several regions as the coronavirus pandemic hit business. The stock edged up marginally.

Temenos Group ended lower by 7.2%. Schindler Holding, Swiss Prime Site and PSP Swiss Property lost 4.4 to 4.7%.

Lindt & Sp Ps, Lindt & Spruengli, Ems Chemie Holding, Kuehne & Nagel, Schindler Ps and Sonova lost 2.3 to 3.2%.

Switzerland's consumer prices declined for the second month in a row in March, the Federal Statistical Office reported Thursday.

In economic news, Swiss consumer prices dropped 0.5% year-on-year in March, following a 0.1% fall in February. This was in line with economists' expectation.

On a monthly basis, consumer prices rose 0.1% in March, same as seen in February.

Prices for clothing and footwear rose due to the end of the seasonal sales in March and prices for new cars also increase. In contrast, prices for heating oil and fuels decreased, the agency reported.

The core CPI fell 0.1% annually in March and rose 0.3% from the previous month.

The EU measure of harmonized index of consumer prices rose 0.1% monthly in March and fell 0.4% from the previous year.

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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