Swiss Market Ends On Strong Note

After opening on a slightly sluggish note, the Switzerland market gained in strength on Monday thanks to sustained buying at several counters amid optimism about interest rate cuts by major central banks.

The benchmark SMI, which climbed to 12,180.57, ended with a strong gain of 144.42 points or 1.2% at 12,157.29.

Swatch Group climbed 2.56%. Novartis and Lonza Group ended higher by 2.15% and 2.07%, respectively.

Geberit, SIG Group and Alcon gained 1.7 to 1.85%. Partners Group, Julius Baer, Swisscom, UBS Group, Roche Holding, Kuehne & Nagel, Richemont, Nestle and Logitech International gained 1 to 1.5%.

Belimo Holding, Barry Callebaut, PSP Swiss Property, Swiss Prime Site, Adecco, Tecan Group, Galenica Sante and Ems Chemie Holding posted sharp to moderate gains.

Sandoz Group shares dropped nearly 2%. SGS ended down by 1.1%, while Straumann Holding edged down marginally.

Data from Swiss National Bank showed that Switzerland’s current account surplus widened to CHF 16.1 billion in the first quarter of 2024 from CHF 10.8 billion in the corresponding period of the previous year.