February 28, 2021

Market and Financial News Aggregator

Swiss Market Closes Higher For 5th Straight Session

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VIXC Market and Financial News

VIXC Market and Financial News Magazine.

The Switzerland stock market settled modestly higher on Friday, in line with the trend seen in most of the markets across Europe, as investors picked up shares amid continued optimism about economic recovery.

The market, which stayed quite sluggish till mid afternoon, gradually edged higher thereafter to eventually sign off with modest gains, rising for a fifth straight day.

The benchmark SMI ended up 27.46 points or 0.25% at 10,880.37 after scaling a low of 10,816.71 and a high of 10,890.82.

Lonza Group surged up 1.4%, ABB and Givaudan both ended higher by about 1.1%, Sika ended nearly 1%, and Geberit, SGS and UBS Group gained 0.6 to 0.8%.

Swatch Group, Zurich Insurance Group and Richemont ended modestly lower.

In the midcap section, Galenica Sante, VAT Group, Sonova and Kuehne & Nagel gained 2.6 to 3.2%. Lindt & Spruengli, Schindler Holding, Schindler Ps, SIG Combibloc and Lindt & Spruengli moved up 1.3 to 1.8%.

On the other hand, Temenos Group and Cembra Money Bank ended lower by 3.5% and 2.5%, respectively. AMS ended 1.6% down and Adecco eased by about 1.3%.

On the economic front, data from the Federal Statistical Office showed Switzerland’s consumer prices declined in January, albeit at a softer pace.

The consumer price index decreased 0.5% year-on-year in January, following a 0.8% fall in December. Economists had expected a 0.6% fall.

On a monthly basis, consumer prices rose 0.1% in January, reversing a 0.1% decline in the preceding month.

Prices for hotels, fuels and used cars grew in January, while prices for air transport, and clothing and footwear declined, the data showed.

The core CPI remained unchanged annually in January and declined 0.2% from the previous month.

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2021-02-12 14:16:09

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