Swiss Market Ends On Upbeat Note
2024-08-07
3294
(fxcue news) - The Switzerland market ended on an upbeat note on Wednesday as investors tracked positive cues from global markets and kept picking up stocks right through the day's session.
Slightly easing fears of a U.S. recession, and comment from the Bank of Japan's Deputy Governor that the central bank won't raise interest rates when financial markets are volatile helped underpin sentiment.
The benchmark SMI ended with an impressive gain of 332.72 points or 2.89% at 11,843.18. The index touched a low of 11,587.56 and a high of 11,865.57 in the session.
SIG Group climbed 4.2%. VAT Group, UBS Group, Novartis, Holcim, Sika, Partners Group, Alcon, SGS, Sonova, Sandoz Group, ABB and Kuehne + Nagel gained 3 to 4%.
Roche GS, Lindt & Spruengli, Zurich Insurance Group, Lonza Group, Logitech International, Swiss Life Holding, Swiss Re, Julius Baer and Richemont gained 2.4 to 2.9%.
Roche Holding gained 2.2%. The company is considering divesting cancer data specialist Flatiron Health, the Financial Times reported.
Schindler Ps, Straumann Holding, Nestle and Swatch Group also ended sharply higher.
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