The Switzerland stock market ended on a strong note on Tuesday, in line with the trend across the globe, amid signs of progress in Russia-Ukraine peace talks in Turkey.
According to a Reuters report, Russia’s deputy defense minister has said that Russia has decided to drastically cut its military activity focused on Kyiv and Chernihiv. Ukrainian negotiators proposed adopting neutral status in exchange for security guarantees.
Slightly easing concerns about inflation following a drop in crude oil prices contributed as well to the positive mood in the markets.
The benchmark SMI, which climbed to a high of 12,388.79, ended the session with a gain of 169.63 points or 1.4% at 12,325.58.
Richemont surged up nearly 7%. Alcon, Holcim and Credit Suisse moved up 3.7 to 4%, and Geberit ended with a gain of about 3.1%.
UBS Group, Partners Group, Swiss Re, Lonza Group, Sika, Givaudan and Swiss Life Holding gained 1.7 to 2.8%, while Zurich Insurance Group, ABB and SGS advanced 1.1 to 1.5%.
Novartis and Nestle closed with modest gains, while Roche Holding declined 0.27%.
Among the stocks in the Swiss Mid Price Index, Zur Rose ended stronger by 8.3%. Dufry, Sonova, Swatch Group and Julius Baer moved up 5.5 to 6%, while Straumann Holding and VAT Group, both gained about 5.1%.
Adecco, Tecan Group, AMS, OC Oerlikon Corp, BB Biotech and Georg Fischer also ended with sharp gains, while Kuehne & Nagel drifted down 4.47%.
Meanwhile, Switzerland is still reportedly experiencing high daily infection figures. According to Swiss health agency, 14,393 new cases were reported on March 29 for the previous 24-hour period.
The seven-day daily average as reported on March 29 was 17,424 cases, down 34% on the previous week.
SMI Ends On Buoyant Note As Peace Talks Hopes Triggers Strong Buying
2022-03-29 17:14:00