Swiss Market Ends Moderately Higher
(RTTNews) - After moving slightly above the flat line till around noon on Thursday, the Switzerland stock market edged higher as the day progressed to eventually end the session with moderate gains.
The mood turned positive gradually, tracking Wall Street, and European markets where stocks moved higher, reacting to Fed Chair Jerome Powell's press conference on Wednesday.
After the Fed raised its benchmark rate by 75 basis points, Powell hinted at a slowdown in the pace of rate hikes at future meetings.
The benchmark SMI ended with a gain of 72.59 points or 0.66% at 11,129.33, the day's high. The index touched a low of 11,041.17 around mid morning.
Partners Group rallied 5.33%. Lonza Group surged 4.56% and Credit Suisse gained about 3.4%. Richemont climbed nearly 3% and UBS Group surged 2.3%.
Alcon, SGS, Geberit, Sika, ABB, Logitech and Givaudan ended higher by 1.2 to 1.9%.
Swisscom and Swiss Re both ended lower by about 1.4%, while Zurich Insurance Group and Roche Holding posted modest losses.
In the Swiss Mid Price Index, Bachem Holding, Tecan Group, Georg Fischer and Zur Rose gained 3 to 3.6%.
VAT Group gained nearly 3%, while Galenica Sante, Kuehne & Nagel, Ems Chemie Holding and Straumann Holding moved up 2 to 2.5%.
Cembra Money Bank, Barry Callebaut and Baloise Holding drifted down 1.3 to 1.4%.
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