Swiss Stock Market Extends Winning Streak To Five Sessions
(RTTNews) - The Swiss stock market has finished higher now in five straight sessions, climbing almost 300 points or 2.9 percent in that span.
The SMI opened slightly higher on Tuesday and spent much of the day bouncing back and forth across the unchanged line before a late surge nudged it into the green at the close.
The upward movement was in line with other major European markets, which ticked higher as investors digested mixed regional data and looked ahead to key Federal Reserve and Bank of England meetings this week for directional cues.
For the day, the index rose 13.30 points or 0.12 percent to finish at 11,443.13 after trading between 11,420.15 and 11,473.57.
Among the actives, Swiss Life surged 1.37 percent, while Compagnie Financiere Richemont spiked 1.32 percent, UBS Group rallied 1.29 percent, Zurich Insurance stumbled 1.26 percent, ABB jumped 0.97 percent, Adecco Group climbed 0.79 percent, Swisscom sank 0.46 percent, Nestle slumped 0.36 percent, Novartis lost 0.34 percent and Swiss Re fell 0.18 percent.
In economic news, Switzerland's foreign trade surplus increased during the year 2023 compared to last year as exports rebounded amid a fall in imports, data from the Federal Customs Administration showed on Tuesday.
The trade surplus for 2023 was CHF 48.5 billion, up from CHF 42.8 billion in 2022. In real terms, exports rose 2.5 percent in 2023 versus a 0.7 percent fall in the previous year. Imports logged a decrease of 2.0 percent over the year, reversing a 1.0 percent gain in 2022.
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