Swiss Market Ends On Firm Note

The Switzerland market closed on a firm note on Thursday, in line with markets across Europe, as investors picked up stocks, looking past concerns about Mid East tensions and any potential adverse geopolitical impact of Donald Trump’s return to power as U.S. President.

Investors digested the Bank of England’s interest rate decision, and looked ahead to the Federal Reserve’s monetary policy announcement.

The benchmark SMI closed up 69.71 points or 0.59% at 11,917.00, after scaling a low of 11,855.47 and a high of 11,990.69 intraday.

Swiss Re rallied about 7.25%. The company expects a group net income of $2.2 billion in the first nine months of the year and $100 million for the third quarter.

Logitech International climbed 3.56%. Sika, Schindler Ps, Richemont, Lonza Group and Holcim closed higher by 1.9 to 2.4%.

Straumann Holding, Geberit, VAT Group, Alcon, Swatch Group, Kuehne + Nagel, Adecco, Roche Holding, Partners Group, Julius Baer and SIG Group gained 0.4 to 1.3%.

Novartis, Sonova and Givaudan closed down 0.81%, 0.71% and 0.41%, respectively.

Data released by Swiss National Bank said the bank’s foreign exchange reserves rose to CHF 718.829 billion in October, the most since April, following an upwardly revised CHF 715.699 billion in September.

Market Analysis