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.
Market Analysis
Swiss Market Ends Slightly Up
2024-10-07 17:40:41
