Swiss Market Ends Moderately Higher
2024-09-01
2834
(fxcue news) - The Switzerland market ended higher on Monday, in line with markets across Europe, as investors looked ahead to key inflation data from the U.S., and the European Central Bank's monetary policy announcement this week.
The benchmark SMI, which stayed positive right through the day's session, ended with a gain of 72.40 points or 0.61% at 11,980.64. The index, which climbed to 12,022.04 a little before noon, dropped to 11,918.82 around mid afternoon before recovering to settle on a firm note.
Alcon rallied about 3.5%. Schindler Ps and Zurich Insurance Group climbed 2.31% and 2.12%, respectively.
Givaudan and ABB both gained 2%. Sika, Partners Group, Straumann Holding, Lonza Group, VAT Group, Sonova, Holcim, SIG Group, Geberit, Julius Baer, UBS Group, Novartis and Kuehne + Nagel climbed 1 to 1.7%.
Swiss Re, Swiss Life Holding, SGS, Logitech International and Lindt & Sprengli also ended notably higher.
Baloise Holding shares gained more than 2.5%, riding on news that activist investor Cevian Capital became the top shareholder of the insurer after increasing its stake to 9.4%. Cevian is also reportedly pushing for Baloise to undergo a strategic revamp.
Swatch Group ended down 2.7%. Roche GS and Roche Holding both closed lower by about 2.5%. Sandoz Group edged down marginally.
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