Swiss Market Ends Higher For 4th Straight Day
(RTTNews) - The Switzerland stock market ended on a firm note on Thursday, tracking positive global cues, as concerns over a banking crisis continued to fade.
Data showing a slowdown in inflation in Germany and Spain helped as well.
Investors shrugged off data showing an unexpected drop in a reading signalling future turning points in the Swiss economy.
The benchmark SMI ended with a gain of 68.90 points or 0.63% at 11,032.21, after moving between 10,985.23 and 11,049.21.
Alcon surged 4.71%. UBS Group climbed 3.4% and Partners Group rallied 3.06%.
Logitech, ABB and Sonova gained 2.62%, 2.46% and 2.26%, respectively. Credit Suisse, Swiss Life Holding, Geberit and Lonza Group ended higher by 1.3 to 1.6%.
Swisscom drifted down 3.7%. Givaudan, Nestle and Sika ended lower by 0.9 to 1.2%.
In the Mid Price Index, AMS gained about 7.8%. Temenos Group climbed 6.2% and Straumann Holding surged 4.32%.
Zur Rose, Bachem Holding, PSP Swiss Property, VAT Group and Swiss Prime Site gained 2.3 to 4%.
SGS shed about 2.2%. Schindler Holding and Schindler Ps lost 1.16% and 1.05%, respectively.
Results of a survey by the KOF Swiss Economic Institute showed that a measure signalling future turning points in the Swiss economy decreased unexpectedly for the first time in four months in March, though marginally.
The economic barometer dropped by 0.7 points from February to 98.2 in March. Meanwhile, economists had forecast the index to rise to 100.5.
Overall, the barometer was hardly changed from the previous month, but there were negative signals from the manufacturing, services and construction sectors. These were at least partly offset by positive developments in the indicator bundle reflecting Swiss exports, the KOF said.
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