The Switzerland stock market ended modestly higher on Monday after spending the entire session in positive territory amid continued optimism about a swift global economic recovery.
Reports saying new coronavirus cases are slowing down in several parts of the world, and hopes about a U.S. economic stimulus helped keep sentiment positive.
The benchmark SMI ended up 23.36 points or 0.22% at 10,778.83, which was the day’s lowest mark. The index touched a high of 10,844.11 around mid afternoon.
UBS Group shares gained about 1.7%. Richemont, Lonza Group and Givaudan ended higher by 1.2 to 1.5%.
Sika gained about 1.4%. The specialty chemicals company said it has agreed to acquire Kreps LLC, a mortar manufacturer in Russia.
Geberit, Swiss Life Holding, Swiss Re, LafargeHolcim, ABB, Swatch Group and Credit Suisse moved up 0.5 to 1%.
On the other hand, Swisscom ended lower by about 1.4% and Nestle lost nearly 1%, while Alcon ended 0.47% down.
In the Swiss Mid Price Index, Straumann Holding, AMS and Dufry gained 3.8 to 4.2%. BB Biotech, VAT Group, Logitech, Flughafen Zurich, Gerog Fischer and Clariant ended higher by 2.3 to 3%.
Schindler Holding, Schindler Ps, OC Oerlikon Corp, Ems Chemie Holding, Temenos Group and Kuehne & Nagel gained 1.2 to 2.1%.
Tecan Group, Barry Callebaut and PSP Swiss Property ended lower by 1.5%, 1.1% and 0.95%, respectively.
On the economic front, data from the State Secretariat for Economic Affairs showed Switzerland’s jobless rate was stable in January, coming in at a seasonally adjusted 3.5%, same as seen in December. This was in line with economists’ expectation.
On an unadjusted basis, the unemployment rate rose to 3.7% in January from 3.5% in the previous month. Economists had forecast a rate of 3.4%.
The number of registered unemployed increased to 169,753 in January from 163,545 in the previous month. The unemployment rate among the youth aged between 15 and 24, remained unchanged at 3.4% in January.
Market Analysis
Swiss Market Closes Modestly Higher
2021-02-08 19:22:13
