Swiss Market Closes Higher Boosted By Novartis MS Drug Results

(RTTNews) - The Switzerland market closed on a positive note on Tuesday despite struggling for direction for much of the day's session. Geopolitical tensions, high oil prices and concerns about the outlook for interest rates and global economic growth rendered the mood cautious, but data showing strong retail sales in the month of July aided sentiment a bit.

The benchmark SMI, which slipped into negative territory around mid-morning, moved above the flat line about a couple of hours past noon and then managed to stay positive thereafter to eventually settle at 14,334.79 with a gain of 48.36 points or 0.34%.

Novartis moved up 6.25%, contributing significantly to market's positive close. The stock gained, lifted by positive results from a trial of the drugmaker's remibrutinib multiple sclerosis drug. Novartis said the drug helped lower relapse rates and reduced adverse effects.

Straumann Holding climbed 3.71%, while Sandoz Group and Holcim gained 1.4% and 1.3%, respectively. Sonova, Swiss Re and Zurich Insurance posted moderate gains.

Partners Group ended down by 7.3% on weak earnings. Partners Group said its first-half profit attributable to owners of the company decreased to 502.1 million Swiss francs from 578.2 million Swiss francs in the prior year. Earnings per share were 19.48 Swiss francs versus 22.13 Swiss francs last year.

The Group's operating profit slid to 622.2 million Swiss francs in the first-half from 725 million Swiss francs in the previous year.

VAT Group drifted lower by 2.6%. Richemont, Roche, ABB, Sika, Kuehne + Nagel and Amrize closed down by 1.1%-1.7%.

Data from the federal statistical office showed Swiss retail sales climbed 2.3% yearly in July on real terms, faster than the revised 1.9% increase in June. Sales were expected to rise by 1.3%. In May, sales growth was 3.6%.

On a monthly basis, retail sales edged up 0.1% in July after rising 0.3% in June.