The Switzerland stock market ended on a firm note on Monday, in line with the trend seen across Europe, as investors shrugged off data showing signs of slowing growth in China, and picked up shares, betting on strong corporate earnings hopes.
Data showing an increase in Swiss retail sales helped as well.
The benchmark SMI, which hit a new high of 12,194.37 in early trades, ended the session with a gain of 54.20 points or 0.45% at 12,171.02.
Credit Suisse, up 2.53%, was the top gainer in the SMI. Credit Suisse Chairman António Horta-Osório reportedly bought another tranche of shares in the bank, worth around 1 million Swiss francs ($1.1 million), on Friday.
Richemont, Alcon and Lonza Group gained 1.77%, 1.58% and 1.3%, respectively. Swatch Group, UBS Group, Partners Group and Swiss Re ended higher by 0.7 to 1%.
Among the stocks in the Swiss Mid Price Index, AMS climbed nearly 4%. Tecan Group gained 2.5% and SIG Combibloc surged up 1.72%, while Straumann Holding, Helvetia, Ems Chemie Holding and Flughafen Zurich gained 1.2 to 1.6%.
Preliminary data from the Federal Statistical Office showed Switzerland’s retail sales adjusted for sales days and holidays grew by 0.1% year-on-year in June. On a monthly basis, seasonally adjusted retail sales declined 3.5% in June.
Sales of food, beverages and tobacco fell 2.1% yearly in June, while sales of non-food grew 1.2%, the agency said. In nominal terms, retail sales decreased 0.4% annually in June and fell 3.6% from a month ago.
Switzerland’s consumer price inflation rose marginally in July, another data from the Federal Statistical Office showed. The consumer price index grew 0.7% year-on-year in July, following a 0.6% increase in June. This was in line with economists’ expectation.
On a monthly basis, consumer prices fell 0.1% in July, after a 0.1% increase in the previous month. This was in line with economists’ expectation.
The core CPI rose 0.2% yearly in July and fell 0.2% from the previous month. The EU measure of harmonized index for consumer prices, or HICP rose 0.1% monthly in July and increased 0.5% from a year ago.
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