Swiss Market Ends On Firm Note

The Switzerland market shrugged off a weak start and moved higher on Thursday, tracking other European markets as the European Central Bank cut its key interest rate to 3.25%, in its third quarter-percentage-point reduction of the year.

The benchmark SMI, which edged down to 12,130.49 in early trades, ended the session with a gain of 111.20 points or 0.91% at 12,304.27, nearly 50 points off the day’s high of 12,353.12.

Schindler Ps rallied 4.84%. Lonza Group gained about 3%, while Nestle and ABB closed higher by 2.53% and 2.42%, respectively.

Sonova climbed nearly 2%. Julius Baer and Holcim both gained about 1.5%. Partners Group, Logitech International, Roche Holding, UBS Group and Zurich Insurance Group also closed on a firm note.

Adecco ended down 4.3%. Givaudan, Straumann Holding and Swatch Group closed lower by 1.59%, 1.31% and 1%, respectively. VAT Group, Sandoz Group, SIG Group and Alcon closed moderately lower.

Data from Federal Customs Administration said the trade surplus in Switzerland narrowed slightly to CHF 3.9 billion in September, from a marginally revised CHF 4.0 billion in the previous month. Exports fell 1.4% month-on-month to CHF 21.9 billion, while imports declined 1.1% to CHF 18.0 billion.

For the third quarter, the trade surplus narrowed to CHF 11.3 billion from CHF 12.7 billion in the previous period.