Swiss Stocks Close On Strong Note
2024-11-23
3444
(fxcue news) - Swiss stocks closed on a bright note on Friday, in line with markets across Europe, as weak manufacturing and services sector data from major European countries such as the U.K., Germany and France raised hopes that central banks will cut interest rates further to help revive growth.
The benchmark SMI ended higher by 124.91 points or 1.08% at 11,716.50. The index touched a low of 11,605.35 and a high of 11,759.62.
Partners Group, SIG Group, Sonova, Straumann Holding, Sandoz Group and Novartis gained 2.3 to 3%. Geberit closed nearly 2% up.
Novartis gained 2.3%. The company has purchased US-based biotechnology company Kate Therapeutics in a deal worth up to $1.1 billion. Kate Therapeutics is focused on developing gene therapies for neuromuscular disease. The acquisition is expected to bolster Novartis' efforts to advance gene therapies for patients.
VAT Group climbed 1.78%. Julius Baer, Roche Holding, Schindler Ps, ABB, Logitech International, Holcim, Sika, Alcon and Lindt & Spruengli closed higher by 1 to 1.3%.
Swiss Life Holdings, Swiss Re, Swisscom, Richemont, Kuehne + Nagel and UBS Group also ended on a firm note.
Sjares of Pierer Mobility zoomed nearly 16% on reports that Mark Mateschitz, who holds a substantial interest in energy drink company Red Bull, is looking to acquire a stake in the Switzerland-listed motorcycle manufacturer and its KTM subsidiary unit. However, Pierer Mobility denied the media reports, saying there are no talks regarding such a transaction.
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