Swiss Market Ends Marginally Up
2024-11-16
2849
(fxcue news) - The Switzerland market closed marginally up on Monday after spending much of the day's session in negative territory. It was a lackluster session with investors looking for directional cues and refraining from making significant moves.
The benchmark SMI closed up 12.56 points or 0.11% at 11,639.60, after moving in a very tight range between 11,574.62 and 11,646.76.
Swiss Re climbed about 2.2% as RBC Capital Markets raised the stock's price target to 128 francs from 120 francs.
Alcon gained 1.81%, SGS ended nearly 1.5% up, and Lindt & Spruengli closed higher by 1.21%.
Givaudan, Richemont, Nestle, Logitech International, Swiss Life Holding, Kuehne + Nagel, Zurich Insurance Group, UBS Group, Sonova and SIG Group gained 0.5 to 1.1%.
Julius Baer ended nearly 2% down. VAT Group, ABB, Sandoz Group, Roche Holding and Lonza Group lost 0.9 to 1.2%. Novartis and Geberit also closed weak.
Data from Swiss Federal Statistical Office said industrial production in Switzerland grew 3.5% year-on-year in the third quarter of 2024, easing from a downwardly revised two-year high of 7% in the previous quarter.
On a seasonally adjusted quarterly basis, industrial activity rose by 0.3%, a sharp deceleration from the revised 3.7% increase in the second quarter.
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