Swiss SMI Closes 0.4% Higher After Mid-Day Volatility
(RTTNews) - After swinging between gains and losses till a little past mid-morning on Tuesday, Swiss stocks climbed higher but suffered a mild setback around mid-afternoon but recovered well to eventually end the day's session on a firm note.
The benchmark SMI, which dropped to 14,502.84 about an hour after the opening bell, touched a high of 14,609.29 around late afternoon before settling at 14,597.63, gaining 58.68 points or 0.4%.
VAT Group climbed 3.5%. ABB gained 2.61% and Amrize moved up 2%. Holcim ended 1.75% up.
Geberit, Helvetia Baloise Holding and Novartis ended up by 1%-1.3%.
Novartis moved up after raising its full-year core operating income guidance and reaffirmed sales growth view. The drugmaker's third-quarter net income fell 70% to $1.196 billion from $3.930 billion a year earlier. Diluted earnings per share declined to $0.63 from $2.04.
Operating income dropped 59% to $1.843 billion, reflecting higher research and development expenses, including a $1.9 billion partial impairment of the del-desiran asset, and higher other expenses.
Partners Group, Logitech International, Swisscom, SGS, Julius Baer, UBS Group, Roche and Swiss Life Holding gained 0.6%-1%.
Galderma Group ended more than 3% down. Swiss Re drifted lower by 1.6%, while Lindt & Spruengli, Sonova, Alcon, Nestle, Sika and Zurich Insurance settled lower by 0.5%-1%.
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