Swiss Market Ends On Firm Note

(RTTNews) - The Switzerland stock market ended on a firm note on Monday, tracking gains in other markets in Europe, despite worries about rising inflation and looming rate hikes.

Investors also digested a report showing a less-than expected increase in Swiss retail sales in the month of September.

The benchmark SMI, which dropped to 10,746.19 around mid morning, ended the session with a gain of 55.56 points or 0.52% at 10,827.93, off the day's high of 10,850.31.

Credit Suisse climbed 5.2% after the Swiss bank unveiled details of a plan to raise 4 billion Swiss francs in capital.

Swisscom surged 1.75%, Swiss Life Holding gained 1.4% and Nestle advanced 1.2%. Holcime and Novartis both ended higher by a little over 1%, while Zurich Insurance Group gained 0.85%.

Givaudan and Logitech both ended lower by about 1.55%. Swiss Re drifted down 1.35%, while Geberit aand UBS Group lost 0.82% and 0.44%, respectively.

Among the stocks in the Swiss Mid Price Index, Zur Rose gained 3.2%. Dufry and Flughafen Zurich gained 2.5% and 2.4%, respectively.

Adecco, Temenos Group, Galenica Sante, Straumann Holding, Lindt & Spruengli, Roche Holding and Barry Callebaut gained 0.9 to 1.6%.

Ems Chemie Holding declined 3.8%. Clariant, SIG Combibloc, Schindler Holding, VAT Group and Schindler Ps lost 1.1 to 1.7%.

Data from the Federal Statistical Office showed Switzerland's retail sales increased for the fourth successive month in September, though at a slower-than-expected rate.

Retail sales adjusted for sales days and holidays climbed a working-day adjusted 3.2% year-on-year in September, faster than the revised 2.1% increase in August. That was just below the 3.3% rise expected by economists.

Sales of non-food rose 5% yearly in September, while sales of food, beverages and tobacco showed no variations, the agency said. Retail sales, excluding service stations, increased 2.9% in September from a year ago.

On a monthly basis, retail sales grew at a stable rate of 0.9% in September. This was the second consecutive monthly rise.

In nominal terms, retail sales gained 5.7% annually and by 1% monthly in September.