Markets

Swiss Market Ends On Strong Note

(RTTNews) - The Switzerland stock market ended on a bright note on Wednesday, in line with markets across Europe, as upbeat news on the coronavirus vaccine front bolstered sentiment and triggered strong buying at several counters.

The benchmark SMI ended with a gain of 200.51 points or 1.95% at 10,460.01, after climbing to a high of 10,501.34 intraday.

The index, which slipped to a low of 10,117.64 in the first hour on Tuesday, recovered well from those levels, but still ended the session with a notable loss of 41.46 points or 0.4% at 10,259.50.

Alcon, up 6.7%, was the biggest gainer in the SMI. Swatch Group shares gained nearly 6%. The company has cut 6.5% of its jobs and trimmed its retail network, due to loss caused by the coronavirus pandemic.

The company also announced the end of its 22-year-old contract to sell Calvin Klein watches and said it expects a positive operating result for the full year.

Lonza Group shares gained about 4.5%. Adecco, Richemont, Roche Holding and LafargeHolcim movedup 2 to 3%. Nestle, Novartis, Sika and SGS gained 1.8 to 1.9%.

ABB, Credit Suisse, Zurich Insurance Group, Swiss Re, Givaudan and UBS Group also ended notably higher.

Among midcap stocks, Dufry soared 10.3%. Straumann Holding moved up 6.1%, while Sonova gained 5.8%. BB Biotech, Vifor Pharma, Flughafen Zurich, AMS, Barry Callebaut, Logitech, Lindt & Sp Ps and Kuehne & Nagel advanced 2 to 3.1%. Partners Group and VAT Group also closed sharply higher.

Close on the heels of recent positive developments on coronavirus treatment and vaccine fronts, U.S. biotech firm Moderna has announced that its experimental vaccine mRNA-1273 for Covid-19 was safe and produced strong immune responses in all 45 patients in an ongoing early-stage human trial. An interim analysis of the open-label Phase 1 study of the vaccine candidate was published in the New England Journal of Medicine.

The pan European Stoxx 600 moved up 1.76%. The U.K.'s FTSE 100 surged up 1.83%, Germany's DAX advanced 1.84% and France's CAC 40 climbed up 2.03%,

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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