June 25, 2022

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Swiss Market Ends Marginally Higher Despite Sluggish Start

2 min read

Despite a weak start and a sluggish spell Friday morning, the Switzerland stock market edged up gradually on selective buying and ended the session marginally higher.

The benchmark SMI, which moved in a narrow range between 12,136.05 and 12,212.62, ended the day with a gain of 17.55 points or 0.14% at 12,17.08.

Roche Holding and Credit Suisse both gained about 1.25%. Zurich Insurance Group ended nearly 1% up. Swiss Life Holding, Nestle, ABB and UBS Group gained 0.4 to 0.6%.

Logitech declined 3.44%. Swisscom shed about 3.1% and SGS shed 1.51%. Novartis, Richemont, Alcon and Partners Group ended with moderate losses.

In the Swiss Mid Price Index, PSP Swiss Property climbed 1.65%. Barry Callebaut, Swiss Prime Site, Helvetia, BB Biotech and Lindt & Spruengli gained 1 to 1.4%.

Flughafen Zurich and VAT Group both shed nearly 2%. Adecco ended 1.6% down, while Ems Chemie Holding, Dufry and Zur Rose ended lower by 0.8 to 1%.

Data from the Federal Statistical Office showed Swiss consumer price inflation rose to the highest since October 2008, rising 2.4% year-on-year in March, following a 2.2% increase in February.

On a monthly basis, consumer prices increased 0.6% in March, after a 0.7% rise in the previous month.

The core CPI increased 1.4% annually in March and rose 0.3% from a month ago.

Manufacturing PMI in Switzerland increased to 64 points in March from 62.60 points in February of 2022, a report from procure.ch & Credit Suisse said.

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2022-04-01 13:06:11

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