April 12, 2021

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Swiss Market Closes On Firm Note

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The Switzerland stock market closed higher on Tuesday, in line with the trend seen across Europe, amid rising optimism about global economic recovery thanks to recent upbeat data from the U.S. and China.

The benchmark SMI ended with a gain of 64.92 points or 0.58% at 11,182.95, after hitting a new 52-week high of 11,213.79.

Richemont shares gained 2.8%. Partners Group rallied 2.6%, while LafargeHolcim, ABB, Swatch Group, UBS Group and Geberit ended higher by 1.3 to 1.8%.

Sika, Nestle, Swiss Life Holding, Givaudan and SGS closed with modest gains, while Swisscom ended with a loss of over 5%.

Credit Suisse shares declined by about 0.4%. The Swiss lender today announced the departure of two top executives and said it expects a one-time charge of 4.4 billion franc ($4.7 billion) writedown tied to the implosion of Archegos Capital Management.

In the midcap section, Dufry gained more than 3.5%. Georg Fischer moved up 1.9%, Sonova gained 1.4% and Cembra Money Bank advancced 1.4%, while Flughafen Zurich and Adecco ended higher by 1.1% and 0.9%, respectively.

PSP Swiss Property declined nearly 3% and BB Biotech shed about 1.25%. AMS and Schindler Holding closed with modest losses.

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2021-04-06 14:17:13

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