Despite opening on a slightly weak note, the Switzerland stock market recovered and climbed to fresh record high on Tuesday amid continued optimism about corporate earnings.
Worries about surging coronavirus cases weighed on stocks and limited market’s upside.
The benchmark SMI, which rose to 12,382.71, ended with a gain of 50.94 points or 0.41% at 12,361.69, a new closing high.
Sika gained about 1.75% and ABB climbed 1.36%, while Partners Group, Swiss Life Holding, Holcim, Geberit, UBS Group, Roche Holding and Swiss Re gained 0.6 to 1%.
Alcon, Swatch Group, Richemont and SGS shed 0.3 to 0.8%.
Among the stocks in the Mid Price Index, Dufry gained more than 3%. SIG Combibloc advanced nearly 2% and OC Oerlikon Corp surged up 1.7%, while Clariant, Georg Fischer, Vifor Pharma and VAT Group gained 1 to 1.3%.
Galenica Sante, Tecan Group and AMS shed 1 to 1.4%. Sonova, Straumann Holding, Temenos Group, BB Biotech, PSP Swiss Property and Swiss Prime Site also closed weak.
In coronavirus vaccine news, Switzerland has approved Moderna’s Covid-19 vaccine for youngsters aged between 12 and 17 years old, weeks after EU regulators authorised the drug for the same age group.
The Swissmedic regulatory authority, which has already approved the Pfizer-BioNTech jab for over-12s, said results from an ongoing study showed Moderna had 93% efficacy in the young age group.
Market Analysis
Swiss Market Rises Again, Hits Fresh Record Closing High
2021-08-10 17:31:47
