Swiss Market Settles On Firm Note
(RTTNews) - After a slightly weak start and a subsequent recovery that resulted in a spell marginally above the flat line till about a couple of hours past noon, the Switzerland market's benchmark SMI gained in strength and ended the session on a firm note on Thursday.
Investors digested the rate decisions from the European Central Bank and the Bank of England, and data showing a smaller-than-expected increase in U.S. consumer prices in the month of November.
The ECB left its rates unchanged, while the BoE lowered its interest rate by 25 basis points.
The SMI, which edged down 5o 12,998.22 in early trades, settled with a gain of 107.46 points or 0.82% at 13,136.08, the day's high.
Partners Group climbed more than 4%. VAT Group, Julius Baer and UBS Group moved up 2.73%, 2.52% and 2.49%, respectively.
Amrize gained about 2.1%. Holcim closed with a gain of 1.81%, while Galderma Group, Sika, ABB, Swatch Group, SGS, Lonza Group, Sandoz Group and Lindt & Spruengli moved up 1 to 1.55%.
Straumann Holding, Novartis and Zurich Insurance Group closed weak.
Data from the Federal Customs Administration showed Switzerland's foreign trade surplus increased in November as exports rose amid a fall in imports.
The trade surplus rose to CHF 3.0 billion in November from CHF 2.5 billion in October. In nominal terms, exports climbed 1.6% over the month, reversing a 0.5% decrease in October. Imports fell 0.8% versus a 0.6% rise a month ago.
The export growth was mostly driven by the 35% surge in outflows of vehicles. Meanwhile, the country imported 6.4% fewer chemical and pharmaceutical products compared to last year.
According to the Federation of the Swiss Watch Industry, watch exports declined 7.3% annually in November.
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