Swiss Market Ends On Firm Note

(RTTNews) - The Switzerland market suffered a mild setback a little past noon on Thursday, and despite staying a bit weak for the next couple of hours, moved higher thanks to resumption of buying at several counters, and eventually ended the day's session on a firm note.

Investors digested Swiss GDP and producer & import prices data. Data from the statistical office showed Switzerland's economy expanded at a faster pace in the second quarter, led by both industry and services sectors, according to preliminary estimates.

The benchmark SMI ended with a gain of 78.39 points or 0.65% at 12,150.22. The index, which dropped to 12,063.83 around mid afternoon, hit a high of 12,188.49 before paring some gains.

VAT Group rallied nearly 4.5%. Richemont climbed 2.62%, Julius Baer advanced 2.3% and Partners Group gained 2.2%. Swiss Re, Sika, Logitech International, Alcon and ABB ended higher by 1.68 to 2.1%.

Holcim and Zurich Insurance Group gained 1.35% and 1.27%, respectively. SGS, SIG Group, Swiss Life Holding, Sonova, Straumann Holding, Roche Holding and Novartis ended up 0.5 to 1%.

Geberit ended down 1.82% after announcing full-year outlook below expectations.

UBS Group ended lower by about 1%, while Sandoz Group, Lindt & Spruengli and Swisscom ended moderately lower.

Gross domestic product grew 0.5% quarter-on-quarter, flash estimates from the Federal Statistical Office showed. That followed a 0.3% increase in the first quarter after adjusting for sporting events.

Switzerland's producer and import prices continued to decline as expected in July, data from the Federal Statistical Office showed.

Producer and import prices dropped 1.7% year-on-year in July, slightly slower than the 1.9% decline in June. Prices have been falling since May 2023. The producer price index dropped 1.2% annually in July, and import prices registered a decrease of 2.7%.

On a monthly basis, producer and import prices remained flat for the second straight month in July, versus an expected increase of 0.2%.