Swiss Market Ends On Firm Note Ahead Of SNB Rate Decision
2024-09-22
4972
(fxcue news) - The Switzerland market ended on a strong not on Wednesday as stocks kept edging higher after a slightly weak start. Expectations of more interest rate cuts by the Federal Reserve contributed to the positive mood in the market.
Investors also looked ahead to the Swiss National Bank's policy announcement this week.
The benchmark SMI ended up 99.53 points or 0.83% at 12,148.39, slightly off the session's high.
Straumann Holding, up 4.6%, was the top gainer in the benchmark index. Givaudan, SIG Group, VAT Group, ABB, Richemont, Geberit and Sika gained 2 to 2.6%.
Schindler Ps ended 1.88% up. Sonova, Swatch Group, SGS and Holcim gained 1.3 to 1.7%, while Swisscom, Novartis, Julius Baer, Alcon, Swiss Re, Lindt & Spruengli, Zurich Insurance and Roche Holding ended higher by 0.5 to 1%.
UBS Group shares ended down 0.89%. Adecco closed lower by 0.72%, and Sandoz Group drifted down 0.56%.
In economic news, a report from UBS & CFA Society said the Swiss investors' sentiment index dropped by 5.4 points from the previous month to 8.8 in September 2024, marking its second consecutive month in negative territory.
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