The Switzerland stock market ended on a bright note for a second successive day, thanks to sustained buying at several counters on Tuesday, amid rising optimism about faster economic recovery.
The benchmark SMI, which edged down slightly in early trades, quickly moved above the flat line and stayed firm right through the session. The index ended with a gain of 110.56 points or 1.03% at 10,817.15, after hitting a high of 10,855.99.
On Monday, the SMI ended with a gain of 184.37 points or 1.75%.
Sika rallied 3.1%. The company, which produces construction chemicals, announced that it has developed a recycling process for old concrete and said that the development will make a significant contribution to reducing the ecological footprint of the construction industry.
Swiss Re gained 2.6% after saying it has partnered with Finland-based ICEYE, a commercial radar satellite operator and flood monitoring provider. The strategic deal will advance flood risk management, assist disaster response and speed up claims payments globally, Swiss Re said in a statement.
Zurich Insurance Group ended higher by about 2.55%. Novartis, LafargeHolcim, Geberit, UBS Group, ABB, Givaudan and Partners Group gained 1 to 1.6%.
Swiss Life Holding climbed 1.6%, shrugging off early weakness. The insurer reported that its fiscal 2020 net profit declined 13% from last year to 1.05 billion Swiss francs.
Nestle, Swisscom, Alcon and Lonza Group ended with modest gains, while Credit Suisse ended lower by about 2.5%.
Among the stocks in the Mid Price Index, Lindt & Spruengli ended 3.5% up and Vifor Pharma gained 2.8%. OC Oerlikon Corp, Baloise Holding, Temenos Group and Adecco gained 1.7 to 2.2%. Helvetia, Schindler Holding, Barry Callebaut and BB Biotech also ended notably higher.
On the other hand, AMS, Dufry and SIG Combibloc lost 3.2 to 4.4%. Flughafen Zurich ended 1.56% down, while Julius Baer ended nearly 1% down.
Swiss Market Ends On Strong Note Again
2021-03-02 19:03:13
