Markets

Swiss Market Snaps 3-day Losing Streak, Ends Notably Higher

(RTTNews) - The Switzerland stock market ended on a strong note on Friday with investors making positive moves amid optimism about a potential coronavirus vaccine and encouraging U.S. retail sales data.

The continued spread of virus infections and fresh lockdown measures announced in several countries weighed a bit and limited market's upside.

The benchmark SMI ended with a gain of 139.17 points or 1.38% at 10,207.13, snapping a three-day losing streak. The index touched a low of 10,111.25 and a high of 10,251.58 in the session.

On Thursday, the SMI ended down 224.70 points or 2.18% at 10,067.96.

Lonza Group shares climbed more than 5%, extending recent uptick. LafargeHolcim ended 2.5% up, while Richemont and UBS Group gained nearly 2% each.

Partners Group, Swiss Re, Alcon, Geberit, Novartis, ABB, Roche Holding, Credit Suisse and Zurich Insurance Group moved up 1 to 1.8%.

Among the stocks in the Swiss Mid Price index, Julius Baer gained nearly 2.5%. Adecco advanced 2.15%, while Georg Fischer, Sonova, Shindler Ps, Ems Chemie Holding, Dufry, OC Oerlikon Corp, Schindler Holding and Logitech gained 1.3 to 1.8%.

On the other hand, Temenos Group tumbled more than 4% and VAT Group shares slid 3.4%. PSP Swiss Property and Swiss Prime Site ended lower by 1.5% and 1.4%, respectively.

In virus update, Switzerland reportedly saw another daily record of 3,105 new coronavirus cases on Friday as a second wave of infection gripped the country.

The public health agency is said to have reported a total of 74,422 confirmed cases in Switzerland and neighbouring principality Liechtenstein.

On the vaccine front, Pfizer Chairman and CEO Albert Bourla said the drug giant will apply for emergency use of the Covid-19 vaccine it is developing with BioNTech (BNTX) soon after the safety milestone is achieved in the third week of November.

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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