Swiss Market Ends On Strong Note

(RTTNews) - The Switzerland stock market open on a firm note on Friday and held its course right till the end of the session to sign off on a strong note thanks to sustained buying at several counters.

Data showing a faster pace of industrial expansion lifted sentiment.

The benchmark SMI ended with a gain of 127.61 points or 1.17% at 11,045.49, slightly off the session's high of 11,063.88.

Novartis climbed more than 3%. Geberit, Swiss Re, Sonova, Richemont and UBS Group gained 1.3 to 1.7%.

Swiss Life Holding, Sika and Swisscom advanced 1 to 1.2%, while Swisscom, Nestle, Zurich Insurance Group, Holcim and ABB gained 0.8 to 0.91%.

Credit Suisse drifted down 1.55%, while Logitech and Lonza Group ended marginally lower.

In the Swiss Mid Price Index, SGS, Adecco and Clariant gained 1.8 to 2.1%. AMS, Flughafen Zurich, Georg Fischer, Zur Rose, VAT Group, Velvetia and SIG Combibloc also ended notably higher.

Bachem Holding tumbled 3.7%. Tecan Group declined 1.27%.

Data from the Federal Statistical Office showed Switzerland's industrial production expanded at a slightly faster pace in the third quarter, advancing 5.2%, following a revised 5% rise in the June quarter.

The growth in production and turnover was uninterrupted since the first quarter 2021, the agency said.

Secondary sector production, which combines industry and construction, grew 3.4% annually in the third quarter versus a 4% increase in the previous three-month period.

Meanwhile, construction output declined 6.5% from last year, after a 1.2% drop in the June quarter.

Data also showed that industrial turnover advanced 4.8% in the third quarter, while construction turnover fell 0.2%. In September, industrial production rose 11.4% year-on-year, well above the 5.2% gain in August.