June 29, 2022

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Swiss Market Closes Modestly Higher

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The Switzerland stock market ended modestly higher on Thursday, outperforming major markets such as the U.K., Germany and France, even as the mood continued to remain cautious amid concerns over inflation and geopolitical tensions.

Data showing a drop in Swiss unemployment rate aided sentiment.

The benchmark SMI, which held in positive territory right through the day’s session, climbed to a high of 12,472.08 before settling with a gain of 52.36 points or 0.42% at 12,372.46.

Alcon climbed up more than 2%. Givaudan ended higher by 1.84%, Swisscom advanced 1.43% and Roche Holding gained 1.05%.

Logitech, Novartis and SGS gained 0.8 to 1%, while Nestle ended 0.6% up.

UBS Group ended 1.27% down, while Swiss Re, Holcim and Credit Suisse lost 0.9 to 1.1%. Swiss Life Holding and Richemont shed 0.8% and 0.65%, respectively.

In the Mid Price Index, Lindt & Spruengli N surged up 1.75%. Kuehne & Nagel, Schindler Ps, Zur Rose, EMS Chemie Holding, Tecan Group, Julius Baer and Schindler Holding gained 0.4 to 1.25%.

AMS and Adecco weakened by 3.6% and 3.1%, respectively. SIG Combibloc, Straumann Holding, Swatch Group and Georg Fischer lost 1 to 1.4%

Data released by the State Secretariat for Economic Affairs, or SECO, showed Switzerland’s unemployment rate decreased marginally in March, falling to a seasonally adjusted 2.2% in the month, from 2.3% in February. This was in line with economists’ forecast.

On an unadjusted basis, the jobless rate declined to 2.4% in March from 2.5% in the previous month. Economists had forecast a rate of 2.4%.

The number of registered unemployed fell to 109,500 persons in March from 117,970 in February.

The unemployment rate among the youth aged between 15 and 24, decreased to 1.8% in March from 1.9% in the previous month.

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2022-04-07 13:00:38

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