Swiss Market Ends Slightly Up

After a positive start and a subsequent fall into negative territory Monday morning, the Switzerland market moved higher a little past noon, and stayed above the flat line to eventually end the day’s session with a small gain.

The benchmark SMI, which dropped to 11,951.53 a little before noon after having climbed to 12,049.01 in early trades,, ended the day at 12,008.70, gaining 11.61 points or 0.1%.

Richemont gained a little over 2% after agreeing to sell its online luxury and fashion retail business Ynap to luxury multi-brand digital platform Mytheresa. The Swiss luxury goods group, which owns brands such as Cartier and Buccellati, will sell the business in exchange for a 33% interest in Mytheresa. The deal is expected to close in the first half of 2025.

Swatch Group gained nearly 3%. UBS Group ended more than 2% up, while Julius Baer closed up 1.31%.

Sandoz Group, Sonova, Logitech International, Schindler Ps and Roche Holding advanced 0.6 to 0.8%.

Data from the Swiss National Bank showed foreign exchange reserves rose to CHF 715.581 billion in September, the most since May, following an upwardly revised CHF 693.921 billion in August.

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