The Switzerland stock market ended higher on Tuesday, although gains were less pronounced than in other major markets in Europe.
News about the General Services Administration in the U.S. getting ready to initiate the transition process for President-elect Joe Biden to take over the mantle, and recent upbeat updates on the coronavirus vaccine front supported the market.
The benchmark SMI ended with a gain of 27.19 points or 0.26% at 10,491.59, after moving between 10,435.02 and 10,514.96.
Credit Suisse surged up nearly 4%. Credit Suisse announced today that it expects to book a $450 million impairment on its stake in York Capital Management following the U.S. investment firm founded by Jamie Dinan winding down most of its hedge-fund strategies in the wake of this year’s market upheaval.
LafargeHolcim climbed by about 3%, Swiss Re, Richemont and Swiss Life Holding gained 2.2 to 2.4%, while Swatch Group and Partners Group moved up 1.8% and 1.25%, respectively.
On the other hand, Lonza Group shares fell 3.2% and Sika slid 2.6%. SGS and Geberit lost 1.75% and 1.6%, respectively.
Among the stocks in the Mid Price Index, AMS gained more than 4%. Helvetia, Julius Baer, Adecco, Kuehne & Nagel, BB Biotech, Baloise Holding, OC Oerlikon Corp, Clariant, Temenos Group and Dufry gained 1.5 to 2.3%.
Among the losers, Tecan Group plunged more than 6% and SIG Combibloc slipped by about 3%. Lindt Sp & Ps, Barry Callebaut, PSP Swiss Property, Galenica Santa and Schindler Holding declined 1.6 to 2%.
In the U.S., the head of the General Services Administration has informed President-elect Joe Biden that the Trump administration is ready to begin the formal transition process.
The news has eliminated some of the lingering uncertainty about the outcome of the presidential election, although President Donald Trump has indicated he will continue to challenge the results in court.
According to reports, Biden has picked former Federal Reserve Chair Janet Yellen as Treasury Secretary.
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