Swiss Market Ends On Firm Note
2024-06-30
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(fxcue news) - The Switzerland market shrugged off a weak start and kept moving higher as the session progressed on Thursday to eventually close on a firm note. Data showing a slightly drop in the nation's consumer price inflation helped underpin sentiment.
The benchmark SMI, which climbed to 12,101.45, ended with a gain of 50.50 points or 0.42% at 12,068.80.
Data from the Federal Statistical Office showed Switzerland's consumer price inflation eased unexpectedly in June, though marginally.
The consumer price index rose 1.3% on a yearly basis, following May's stable increase of 1.4%. Meanwhile, economists had expected the inflation rate to remain stable at 1.4%.
The overall inflation was mainly driven by a 3.8% growth in costs for housing and utilities. Meanwhile, prices for food and non-alcoholic beverages dropped 0.3% from last year, and those for clothing and footwear slid by 2%.
On a monthly basis, consumer prices remained flat in June after rising 0.3% in May. Prices were expected to increase by 0.1%.
Core consumer prices dropped 0.1% over the month, taking the annual inflation to 1.1% in June from 1.2% in May.
Straumann Holding and Sandoz gained 2.52% and 2.22%, respectively. Sika, Alcon, Holcim, SIG Group, Novartis, Partners Group, Sonova and Swiss Life Holding advanced 1 to 2%.
Swatch Group, Geberit, Logitech International, Swisscom, Swiss Re and ABB ended higher by 0.4 to 1%.
Roche Holding ended 1.4% down. VAT Group, Kuehne + Nagel and Richemont ended down 0.78%, 0.59% and 0.25%, respectively.
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