Swiss Market Ends On Firm Note
(RTTNews) - The Swiss market started off on a firm note on Wednesday and despite a setback around mid-afternoon that pushed it briefly below the flat line, recovered well to end the day's session notably higher.
The benchmark SMI, which dropped to 13,112.02, after having climbed to 13,238.37 earlier in the day, settled at 13,212.96, gaining 93.43 points or 0.71%.
Zurich Insurance climbed more than 4%. The insurer reported an increase in premiums for the first quarter, driven by growth across all its segments.
The insurer said that first-quarter gross written premiums for its property-and-casualty division rose 18% on year to $15.56 billion, aided by currency movements and the timing of certain large contracts. On a like-for-like basis, Zurich's property-and-casualty premiums grew 8%.
UBS Group gained 3.87%. ABB, Julius Baer and VAT Group closed up by 2.1%, 1.95% and 1.93%, respectively.
Logitech International gained 1.53%. Richemont and Holcim ended higher by 1.36% and 1.14%, respectively. Novartis, Swisscom and Sika posted modest gains.
Adecco shares tanked nearly 17% after the company's gross profit margin was 18.8%, below median estimates compiled by the company of 19%. For its second-quarter outlook, the company expects gross margin to be marginally lower sequentially.
Galderma Group ended more than 3% down. Givaudan drifted down 2.8% and Sonova eased by 2.1%. Swiss Life Holding, Geberit, Amrize, Schindler Ps and Alcon lost 1%-1.6%.
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