Markets

Swiss Stock Market Extends Winning Streak

(RTTNews) - The Swiss stock market finished firmly higher on Wednesday, flirting early with the unchanged line before marching steadily upward as the day progressed.

That allowed the market to stretch its winning streak to four sessions and advancing more than 200 points or 2 percent along the way.

The SMI jumped 125.42 points or 1.24 percent to finish at 10,278.66 after trading between 10,134.73 and 10,290.87.

Among the actives, Swisscom surged 2.53 percent, while Julius Baer Gruppe spiked 1.78 percent, Credit Suisse jumped 1.76 percent, Novartis climbed 1.59 percent, Zurich Insurance and Swiss Re both advanced 1.23 percent, Swiss Life added 0.99 percent, UBS Group gained 0.70 percent and Lafarge Holcim rose 0.47 percent.

The strength in the Swiss market was in line with most of the rest of Europe, which rode a rebound from technology stocks.

Germany's DAX climbed 111.74 points or 0.86 percent to 13,058.63, while London's FTSE soared 125.78 points or 2.04 percent to 6,280.12 and the CAC 40 in France advanced 45.32 points or 0.90 percent to 5,073.31.

In corporate news, Liberty Global (LBTYA, LBTYB, LBTYK) said that it agreed to make an all cash public tender offer for all publicly held shares of Sunrise Communications Group AG at a price of 110 per share Swiss francs. The offer values 100% of Sunrise's equity at 5.0 billion francs, representing a total enterprise value of 6.8 billion francs.

The offer represents a 32% premium to the 60-day volume weighted average price per share of 83.17 francs during the period up to August 11, 2020.

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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