Swiss Market Ends On Firm Note
2024-08-14
2859
(fxcue news) - After opening slightly down Monday morning, the Switzerland market recovered and kept edging higher as the day progressed and eventually ended on a firm note with several stocks posting solid gains in the final hour.
Last week's data showing a sharp surge in Swiss industrial output, and rising optimism about an interest rate cut by the Federal Reserve in September helped underpin sentiment.
The benchmark SMI ended with a gain of 86.51 points or 0.71% at 12,275.24. The index, which edged down to 12,167.45 in early trades, climbed to a high of 12,296.22.
Richemont climbed about 2.2%. Partners Group and Holcim both ended nearly 2% up. Holcim moved up as Deutsche Bank upgraded the stock's rating to "buy" from "hold", and increased its price target to 91 francs from 81 francs.
Straumann Holding ended 1.76% up, while Geberit, Sandoz Group, SIG Group, Vat Group and ABB gained 1.1 to 1.5%.
SGS, Alcon, Sika, Novartis, Lonza Group, Swiss Life Holding, Swiss Re and Schindler Ps ended moderately higher.
UBS Group, Julius Baer and Lindt & Spruengli ended weak.
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