October 29, 2020

Market and Financial News Aggregator

Swiss Market Rebounds After Recent Losses, Ends On Upbeat Note

2 min read

The Switzerland stock market closed on a buoyant note on Monday, gaining in strength gradually after opening on a firm note.

Bargain hunting after two successive days of losses, encouraging news about coronavirus vaccines, and positive economic data from eurozone and China contributed significantly to the positive mood in markets across Europe, and the trend was no different in the Swiss market.

The benchmark SMI opened with a positive gap of nearly 60 points at 10,211.95 and rallied to 10,341.87 before finally closing at 10,297.80 with a gain of 144.71 points or 1.43%.

Buying was so broad-based that all the constituents of SMI closed in green today.

On Friday, the SMI ended lower by 67.55 points or 0.66%, after falling 164.20 points or 1.58% a session earlier.

Lonza Group surged up 2.7%. Swiss Life Holding, Swiss Re, Adecco, ABB, Novartis, Sika, Givaudan, Geberit, SGS, Zurich Insurance Group and LafargeHolcim gained 1.4 to 2.3%.

Roche Holding gained about 1.6%, lifted by news that the cobas SARS-CoV-2 & Influenza A/B Test developed by Roche has received emergency use authorisation from the US Food and Drug Administration (FDA).

The test can be used for detection of coronavirus and Influenza A/B virus in patients suspected of respiratory viral infection related to Covid-19 via nasal or nasopharyngeal swab samples.

Credit Suisse shares ended nearly 1% up. A report in Swiss newspaper SonntagsZeitung on Sunday said further evidence has yet to be disclosed of additional spying incidents at Credit Suisse. The alleged spying scandal erupted last year, and Swiss regulator FINMA is likely to take action against the bank if there is evidence about such incidents.

In the midcap section, Temenos Group climbed about 4.7%. Georg Fischer and Dufry gained 3.8% and 3.45%, respectively, while Sonova gained 2.75%.

Logitech, Helvetia, PSP Swiss Property, OC Oerlikon Corp, BB Biotech, Swiss Prime Site, Vifor Pharma, Clariant and Partners Group moved up 1.4 to 2.2%.

Among the other major markets in Europe, the U.K.’s FTSE 100 gained 2.39%, Germany’s DAX surged up 2.01% and France’s CAC 40 ended up 1.79%. The pan European Stoxx 600 climbed 1.67%.

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2020-09-07 14:10:04

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