(fxcue news) - The Switzerland market closed on a firm note on Thursday, extending recent gains, after data showed an improvement in Swiss business confidence. An interest rate cut by the European Central Bank and largely positive moves in other European markets aided sentiment. The benchmark SMI closed up 74.22 points or 0.59% at 12,604.54. A report from Swiss Economic Institute said business confidence in Switzerland increased to 101.60 points in January 2025, from 99.60 points in December 2024. Data from the Federal Customs Administration showed Switzerland's foreign trade surplus increased notably during the year 2024 compared to last year amid a new record growth in exports while a fall in imports. The trade surplus for 2024 was CHF 60.6 billion, up from CHF 48.3 billion in 2023. In nominal terms, exports rose at a record rate of 3.2% in 2024 versus a 1.3% fall in the previous year. VAT Group climbed more than 5%. Schindler Ps gained 2.6%, Swatch Group ended higher by 2.25% and Lonza Group closed 2.04% up. Roche Holding gained more than 1.5%. Roche announced that its core operating profit rose by 14%, or 8% in Swiss francs, to 20.8 billion francs. Core EPS was 18.80 francs compared to 18.57 francs. Core earnings per share rose by 12%, excluding the base effect of the resolution of tax disputes in 2023. Including this impact, core earnings per share increased by 7%. Sandoz Group, Lindt & Spruengli, Logitech International, Alcon, Richemont, Geberit and Partners Group gained 1 to 1.7%. ABB closed 1.84% down, despite reporting higher profit, revenues and orders in its fourth quarter. For the fourth quarter, net income attributable to ABB grew 7% to $987 million from last year's $921 million. Basic earnings per share were $0.54, up 7% from prior year's $0.50. Adecco and Swisscom lost 0.9% and 0.67%, respectively. Zurich Insurance Group, SGS and Swiss Re declined marginally.