Swiss Market Ends On Strong Note
(RTTNews) - The Switzerland market closed on a firm note on Thursday, in line with other markets in Europe, as easing concerns about inflation and rate hikes and possibility of a U.S.-Iran peace deal aided sentiment.
The benchmark SMI, which stayed positive throughout the session, settled at 14,352.98, gaining 238.98 points or 1.69%.
Roche moved up nearly 4% as the drugmaker's KRAS drug tops its rivals in lung cancer trial. "The superior survival demonstrated in this global head-to-head comparison of KRAS G12C inhibitors confirms the potential of divarasib to improve clinical outcomes for people with KRAS G12C non-small cell lung cancer," said Levi Garraway, Roche's chief medical officer.
Sonova gained 3.1%, while Holcim and Julius Baer climbed 2.91% and 2.86%, respectively. Kuehne + Nagel, Lindt & Spruengli, Novartis, Alcon, Sika and Helvetia Baloise Holdings gained 2%-2.6%.
UBS Group surged nearly 2%. Nestle gained 1.89% and Givaudan closed 1.74% up, while Zurich Insurance, Amrize, Swiss Life Holding, Swisscom and Galderma Group ended higher by 0.8%-1.2%.
VAT Group closed 2.7% down. Straumann Holding shed about 2.5% and ABB closed nearly 1.5% down. Logitech International settled lower by 0.73%.
In economic news, Switzerland's consumer price inflation eased marginally in June after remaining stable in the previous month, the Federal Statistical Office said.
The consumer price index climbed 0.5% yearly in June as expected, slower than the 0.6% steady increase in May.
Excluding unprocessed food and energy, core inflation held steady at 0.3%.
On a monthly basis, consumer prices remained flat versus a 0.2% gain in May. Prices were expected to rise by 0.1%.
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