Swiss Market Ends On Bright Note

(RTTNews) - Despite data showing a drop in the nation's consumer confidence, the Switzerland stock market ended on a bright note on Thursday, tracking positive global markets amid rising optimism about the outlook for interest rates.

The benchmark SMI ended with a gain of 88.09 points or 0.84% at 10,591.98. The index touched a high of 10,611.61 in the session.

Geberit, up 9.5%, was the biggest gainer in the SMI index. The stock gained on strong results, and an upward revision in earnings guidance. Sika gained 4%. Kuehne & Nagel, Sonova, Partners Group, Richemont and Holcim gained 2.2 to 3.2%.

ABB and Givaudan both gained about 1.5%. Nestle advanced 1.15%, and UBS Group climbed nearly 1%.

Swisscom drifted down 6.4% after trimming its revenue guidance. Novartis, Swiss Re and Logitech ended lower by 0.65%, 0.54%, and 0.22%, respectively.

In the Mid Price Index, Adecco soared nearly 14% after the company reported stronger than expected third-quarter earnings and revenue.

VAT Group climbed 5.25% and AMS surged nearly 5%. Sandoz, Georg Fischer, Barry Callebaut, SGS and Flughafen Zurich gained 3.2 to 4.1%.

Belimo Holding, Clariant, Straumann Holding, Schindler Ps, Schindler Holding, SIG Combibloc and Lindt & Spruengli ended higher by 2 to 3%.

Switzerland's consumer confidence deteriorated markedly as their expectations over the economy as well as their personal financial situation sunk, results of a survey showed.

The consumer confidence index plummeted to -40 in the October round of the quarterly survey by the State Secretariat for Economic Affairs, or SECO, from -27 in the previous survey.

The score was much less than the long-term average of -6 points. The economic expectations index of the survey plunged to -37.3 from -6.8.

Preliminary data from the Federal Statistical Office showed consumer price inflation in Switzerland was unchanged in October, while prices edged up from the previous month.

The consumer price index, or CPI, rose 1.7% year-on-year, the same as in September. The rate matched economists' expectations. In August, the Swiss inflation was 1.6%.