The Switzerland stock market ended marginally up on Tuesday, after staying positive right through the day’s session, amid continued optimism about economic growth after the government removed most of the covid-related restrictions in the country.
The benchmark SMI ended up by 19.28 points or 0.16% at 12,028.45, after rising to a high of 12,071.29 intraday. Once again, buying interest in the market was subdued and the index moved in a very narrow range.
Among the gainers in the benchmark index, Partners Group and Geberit both climbed by about 1.2%. Alcon, Sika and ABB gained 0.8 to 1%, while UBS Group, Swatch Group and Credit Suisse ended modestly higher.
Swiss Life Holding, Lonza Group and Swisscom ended lower by 0.3 to 0.6%, while Richemont edged down marginally.
Novartis ended modestly lower and Roche Group edged up marginally. According to reports citing a U.S. District Court lawsuit, Novartis wants Roche to return $210 million after accusing its Swiss rival of inappropriately pocketing fees from a 16-year-old patent licensing agreement.
The issue stems from a 2005 deal requiring U.S.-based Chiron Corp. to make payments to Roche’s U.S. Genentech unit to use its intellectual property.
Novartis, which bought Chiron in 2006, and was making payments to Roche, subsequently discovered it overpaid by mistake, and launched the lawsuit to recover the excess amount paid,
In the Swiss Mid Price Index, Julius Baer gained nearly 2%. Adecco, Schindler Holding, Georg Fischer, Schindler Ps, Ems Chemie Holding and Galenica Sante moved up 1 to 1.4%.
Tecan Group shares delcined 3.2% and Dufry shed about 1.55%. Flughafen Zurich ended 1.3% down, while Temenos Group and Vifor Pharma lost 0.6% and 0.5%, respectively.
Swiss Market Ends Marginally Higher
2021-06-29 18:32:29
