Swiss Market Ends Higher For 2nd Straight Day

(RTTNews) - After holding gains following a firm start Thursday morning, the Switzerland market very nearly dropped into negative territory in late afternoon trade, but recovered swiftly to eventually end the session on a firm note.

Soft U.S. inflation data helped outweigh concerns about interest rates. Optimism about economic growth following China reopening contributed as well to the positive sentiment in the market.

The benchmark SMI ended with a gain of 41.81 points or 0.37% at 11,287.82. The index, which climbed to 11,328.80 about an hour past noon, dropped to 11,247.96 before climbing higher again.

Credit Suisse and Swiss Life Holding surged 2.8% and 2.7%, respectively. Swiss Re ended nearly 2% up.

Sika and Lonza Group advanced 1.6% and 1.4%, respectively. UBS group, Richemont, ABB, Swisscom, Partners Group and Alcon gained 0.6 to 1.2%.

Shares of of software and computer peripherals manufacturer Logitech plunged nearly 17% after the company cut its sales outlook.

Givaudan ended 1.25% down, while Roche Holding ended lower by 0.29%. Roche said it has received European Commission approval for Xofluza in children aged one year and above.

In the Mid Price Index, Zur Rose rallied nearly 7%. Schindler Holding gained about 4% and Schindler Ps climbed 3.4%.

Dufry and AMS ended higher by 2.78% and 2.65%, respectively. Adecco, Baloise Holding, Helvetia and Lindt & Spruengli gained 1.3 to 2.05%.

Tecan Group dropped 2.9% and Straumann Holding drifted down 2.25%. Temenos Group and SIG Combibloc lost 1.2% and 1%, respectively.

Data released by the Labor Department showed U.S. consumer price index edged down by 0.1% in December after inching up by 0.1% in November. Economists had expected consumer prices to come in unchanged.

The report also showed the annual rate of consumer price growth slowed to 6.5% in December from 7.1% in November, in line with expectations. The annual growth was the slowest since October 2021.

The annual rate of core price growth slowed to 5.7% in December from 6% in November. The year-over-year growth was also in line with expectations.