Swiss Market Ends On Positive Note
(RTTNews) - The Switzerland stock emerged into positive territory, shrugging off early weakness, and kept edging higher and higher as the session progressed on Monday to sign off on a firm note.
Selective buying at some frontline counters after recent losses pushed the market up to a positive close. The undertone, however, remained cautious due to lingering concerns about the near to medium term impact of the coronavirus pandemic on the global economy.
The benchmark SMI, which edged down to 10,174.28 in early trades, ended the session with a gain of 58.13 points or 0.57% at 10,272.34, after scaling a high of 10,297.23.
Sika, the top gainer in the SMI, moved up nearly 2.5%. Alcon and Swatch Group gained 2.2% and 2%, respectively. Geberit gained about 1.65%, while Nestle, Zurich Insurance Group, Givaudan, Richemon, LafargeHolcim, Roche Holding and SGS gained 0.5 to 1%.
Swiss Life Holding and Swisscom posted modest losses, while Novartis ended slightly weak. According to an announcement from Novartis, its Sandoz division and the Austrian government will invest about 150 million euros ($176 million) to shore up antibiotics production at a plant in Tyrol.
Meanwhile, according to reports an analysis showed wet AMD (age-related macular degeneration) patients achieved sustained fluid control faster with Beovu versus Aflibercept.
In the midcap section, Georg Fischer, Logitech, OC Oerlikon Corp, Schindler Ps, Schindler Holding, Sonova, Julius Baer, Bucher Industries and Biotech gained 1.3 to 2.3%, while VAT Group ended nearly 1% up.
On the other hand, Dufry ended down 5.8%, Flughafen Zurich lost 2.8% and Temenos Group slid 2.1%, while Vifor Pharma, Swiss Prime Site and PSP Swiss Property shed 1.2 to 1.3%.