Sat. Sep 26th, 2020

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Swiss Market Ends Marginally Up

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The Switzerland stock market ended marginally up after a somewhat choppy session on Monday.

Investors reacted to news about resumption of clinical trials of coronavirus vaccine by AstraZeneca, updates on Covid-19 cases, a slew of merger & acquisition news, and looked ahead to the Federal Reserve’s monetary policy meeting.

The benchmark SMI, which advanced to 10,494.86 in early trades, later dropped to a low of 10,405.96 and finally settled at 10,457.43, gaining 17.91 points or 0.17%.

Credit Suisse, the biggest gainer in the benchmark SMI, closed stronger by nearly 4.5%. UBS Group gained 2.15%, Swatch Group advanced 1.7% and Adecco moved up nearly 1.5%.

Among drugmakers, Roche Holding ended with a modest gain, while Novartis ended lower by about 0.25%. Novartis announced that according to a study, its eye drug Beovu matched rival Eylea from Regeneron in visual acuity at one year in patients with diabetic macular edema.

Swiss Re slid 1.5%, Swisscom ended 1.2% down, while Sika and LafargeHolcim closed lower by 0.8% and 0.5%, respectively.

In the midcap section, Dufry gained about 2.3%. BB Biotech, Julius Baer and Logitech moved up by 1.5 to 1.6%, while Straumann Holding, Bucher Industries and Helvetia gained 1 to 1.3%.

VAT Group, Temenos, Flughafen Zurich and Partners Group lost 0.5 to 1%.

Switzerland’s Six exchange has reportedly put in the highest bid so far for London Stock Exchange’s Borsa Italiana, putting it ahead of France’s Euronext and Deutsche Boerse.

The bid valued Borsa Italiana, the only stock exchange in Italy, at around Euro 3.5bn-4bn (£3.2bn-£3.7bn), according to a Reuters report.

According to a report from the World Health Organization, coronavirus cases saw a record one-day increase on Sunday, with the total rising by about 308,000 in 24 hours. India, Brazil and the U.S.

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2020-09-14 14:08:12


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