Swiss Market Ends Modestly Higher
(RTTNews) - The Switzerland stock market closed modestly higher on Friday, in line with markets across Europe, as a sharp drop in oil prices helped lift sentiment.
Oil prices fell following International Energy Agency (IEA) lowering forecast for global oil demand this year. Prospects of Gulf foreign ministers securing support from their Iranian counterpart for a temporary arrangement for passage of shipping through the Strait of Hormuz.
The benchmark SMI, which climbed to 13,871.65 around late afternoon, ended with a gain of 35.17 points or 0.26% at 13,775.27.
Logitech International jumped nearly 3.5%. Amrize, UBS Group, Richemont, Swiss Re, Helvetia Baloise Holding, ABB and Sandoz Group gained 1%-1.5%.
Galderma Group, Swiss Life Holding, VAT Group, Straumann Holding, Swisscom and Zurich Insurance advanced 0.5%-0.8%.
Lindt & Spruengli ended lower by about 2.6%. Sonova drifted down 1.4%. Partners Group, Alcon, Kuehne + Nagel, Lonza Group and SGS lost 0.6%-1.1%.
In economic news, consumers in Switzerland remained less pessimistic in August. The consumer sentiment index climbed to -33.0 in August from -40.0 in the corresponding month last year.
Among the four components, the sub-index measuring expected economic development strengthened markedly to -36 from -66, and the index for the past financial situation of households increased to -38.8 from -40.4.
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