December 5, 2020

Market and Financial News Aggregator

Swiss Market Closes On Firm Note, Extends Gains To 7th Session

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The Switzerland stock market ended on a firm note on Monday, in line with markets across the globe, reacting to U.S. election results and positive news on Covid-19 vaccine front.

Swiss market’s gains today were not as significantly pronounced as they were in other markets across Europe, but were nevertheless fairly solid.

The benchmark SMI ended with a gain of 95.42 points or 0.92% at 10,417.99, after hitting a high of 10,644.22 in the session.

Richemont, up 11.6%, was the biggest gainer in the SMI index. Alcon and Swatch Group both gained about 8.4%. Swiss Life Holding, Swiss Re and Credit Suisse moved up 7.3 to 7.6%.

UBS Group gained 4.6%, while Zurich Insurance Group, ABB and LafargeHolcim gained 3 to 3.4%. Partners Group and SGS also ended sharply higher.

On the other hand, Givaudan declined 5%, Sika ended 3.65% down and Roche Holding lost 3.1%, while Geberit and Nestle ended lower by about 2% and 1%, respectively.

In the Mid Price Index, Dufry zoomed more than 23% and Flughafen Zurich gained about 15%. Helvetia, Straumann Holding, Sonova, Julius Baer, Adecco, Vifor Pharma and OC Oerlikon Corp advanced 6 to 10%.

Temenos, Baloise Holding, Swiss Prime Site, Clariant, AMS, BB Biotech and Cembra Money Bank also closed with impressive gains.

Among the losers, Logitech declined 13% and Tecan Group shed about 12.7%. SIG Combibloc and Kuehne & Nagel lost 7.7% and 3%, respectively.

In economic news, Switzerland’s jobless rate declined marginally in October, data from the State Secretariat for Economic Affairs, or SECO, showed.

The jobless rate fell to a seasonally adjusted 3.3% in October from 3.4% in September. Economists had expected a rate of 3.4%.

On an unadjusted basis, the unemployment rate remained unchanged at 3.2% in October. Economists had forecast the rate of 3.3%.

The number of registered unemployed increased by 558 persons from the previous month to 149,118 in October.

The unemployment rate among youth aged between 15 and 24 declined to 3.3% in October from 3.6% in the prior month.

On the vaccine front, Pfizer Inc. and BioNTech SE announced that the first set of results from the phase 3 COVID-19 vaccine trial provides initial evidence of the vaccine’s ability to prevent COVID-19.

The results were based on the first interim efficacy analysis conducted on November 8, 2020 by an external, independent Data Monitoring Committee from the phase 3 clinical study. The Committee has not reported any serious safety concerns.

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2020-11-09 13:25:00

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