Swiss Market Ends On Firm Note; UBS Rises Sharply
(RTTNews) - Swiss stocks turned in a fine performance on Tuesday as signs of a de-escalation in Middle East conflict helped lift sentiment.
According to reports, U.S. President Donald Trump is looking to end the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed.
A report from the Wall Street Journal said Trump and his aides assessed that a mission to pry open the Strait of Hormuz would push the conflict beyond his timeline of four to six weeks.
The benchmark SMI, which stayed positive right through the day, ended the session with a gain of 108.12 points or 0.85% at 12,776.79, after hitting a high of 12,850.52.
UBS Group climbed nearly 4%. Senior Swiss lawmakers have reportedly assured the bank's executives that they would water down stringent new capital requirements. According to reports, the lawmakers have signaled a compromise on the lender's $22 billion capital plan.
VAT Group gained about 2.75% and Galderma Group closed nearly 2.5% up, while Kuehne + Nagel and Sandoz Group ended higher by about 2.2%.
ABB, Swiss Life Holding, Sonova, Helvetia Baloise Holding and Lindt & Spruengli gained 1.5%-1.7%. Lonza Group, Partners Group, Richemont, Straumann Holding, Novartis, Julius Baer, Swiss Re and Zurich Insurance Group also closed with solid gains.
Swisscom drifted down by about 0.8% and Givaudan closed 0.67% down. Geberit, SGS and Holcim ended modestly lower.
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