The Switzerland stock market hit a fresh record high on Tuesday and posted a new closing high as well, as the mood remained upbeat amid rising optimism about global economic recovery.
Data showing a sharp jump in Swiss retail sales in the month of April contributed as well to the bullish mood in the market.
The benchmark SMI, which rose to 11,501.35, ended the session with a strong gain of 71.43 points or 0.63% at 11,434.88.
Holcim and Richemont surged up 2.75% and 2.65%, respectively. Lonza Group, Swatch Group, UBS Group, Credit Suisse, Alcon and ABB gained 1.2 to 1.6%.
Swiss Life Holding advanced nearly 1%. Geberit, Sika, Zurich Insurance Group and Swiss Re also ended notably higher.
Partners Group shed about 0.8% and SGS ended 0.36% down, while Roche Holding and Nestle ended flat.
In the Swiss Mid Price Index, Dufry, up 2.5%, was the top gainer. Adecco gained about 2.15%, while AMS, OC Oerlikon Corp, VAT Group, Julius Baer, Georg Fischer and Logitech gained 1.6 to 2%.
On the other hand, Tecan Group, Sonova and Temenos Group declined by more than 1%. Barry Callebaut and Lindt & Spruengli shed 0.97% and 0.87%, respectively.
On the economic front, preliminary data from the Federal Statistical Office showed Switzerland’s retail sales increased in April, growing by 35.7% year-on-year.
Sales of food, beverages and tobacco gained 13.3% yearly in April and those of non-food sector surged 73.5%, the data showed.
On a monthly basis, seasonally adjusted retail sales declined 4.4% in April. In nominal terms, retail sales increased 34.8% annually in April and fell 4.3% from a month ago.
The latest nominal annual growth in retail sales was the sharpest since the start of the series in January 2000, the agency said.
Meanwhile, Switzerland has further relaxed its Covid-19 restrictions following a drop in infection rates, and an acceleration in vaccination rollout across the country.
According to fresh guidelines, restaurants can open indoor and outdoor areas, the requirement to work from home has been downgraded to a recommendation, and public events can be held with larger numbers than before.
Market Analysis
Swiss Market Ends On Bright Note After Hitting New Record High
2021-06-01 18:30:08
