Swiss Market Ends On Buoyant Note

(RTTNews) - The Switzerland market closed on a buoyant note on Thursday with stocks from across several sectors moving higher on sustained buying interest amid optimism about earnings and hopes of some interest rate cuts by central banks.

Hopes of an end to the Russia-Ukraine war following reports that U.S. President Donald Trump had telephonic conversations with the presidents of Russia and Ukraine.

The benchmark SMI closed up 235.16 points or 1.85% at 12,949.06, slightly

Nestle rallied 6.2% after sales growth exceeded expectations in the final quarter of last year. Trading operating profit increased to CHF 14.633 billion from CHF 14.520 billion a year ago.

Operating profit, including other operating income and expenses rose to CHF 14.724 billion from CHF 14.063 billion last year. Net profit, however, declined to CHF 10.884 billion or CHF 4.19 per share from CHF 11.209 billion or CHF 4.23 per share a year ago.

Geberit gained about 4%. Sika, Richemont, Roche Holding and Givaudan climbed 2 to 2.6%.

Holcim, ABB, Logitech International and Alcon gained 1.2 to 2%. UBS advanced nearly 1%.

Swisscom closed down 2.85%. Swiss Re, Swiss Life Holding, Zurich Insurance and Lonza Group closed modestly lower. Novartis edged down marginally.

Data from the Federal Statistical Office showed Switzerland's consumer price inflation eased for the second straight month in January to the lowest level in nearly four years. The data said Swiss consumer price index rose 0.4% on a yearly basis in January, as expected, following a 0.6% rise in the previous month.

Meanwhile, core inflation that excludes unprocessed food and energy rose to 0.9% from 0.7%.

On a monthly basis, consumer prices dropped at a stable rate of 0.1% in January due to several factors, including lower prices for electricity and supplementary accommodation. This was the fifth successive fall in a row.