Despite spending much of the day’s session in the red, the Switzerland market closed on a firm note on Thursday as stocks climbed higher on strong buying support past mid afternoon. Data showing an acceleration in the nation’s GDP growth aided sentiment.
The benchmark SMI ended with a gain of 76.17 points or 0.65% at 11,869.90. The index, which edged down to 11,771.88 in early trades, touched a high of 11,885.92 in the session.
Nestle gained 3.25%. SIG Group and Logitech International climbed 2.21% and 2.16%, respectively.
Straumann Holding, Partners Group and Lonza Group gained 1.25 to 1.55%. VAT Group, Novartis, Holcim, Swatch Group, UBS Group, Lindt & Spruengli, Kuehne & Nagel, Sika and Sandoz Group advanced 0.5 to 0.9%.
ams OSRAM AG surged 4%. Meyer Burger Tech, Flughafen Zurich, Avolta and Tecan Group also posted strong gains.
Georg Fischer ended down 3.6%. Clariant drifted down 3.27%. Barry Callebaut and Schindler Holding both ended lower by about 0.9%.
Swiss Re, Sonova, Roche Holdings and SGS lost 0.5 to 1.1%.
Switzerland’s economic growth accelerated in the first quarter on robust private consumption and the rebound in equipment investment, data from the State Secretariat for Economic Affairs, or SECO, showed.
Gross domestic product posted a quarterly growth of 0.5% in the first quarter after an expansion of 0.3% each in the previous two quarters. GDP was expected to grow again by 0.3%.
On a yearly basis, economic growth accelerated to 0.6%, as expected, from 0.5% in the prior quarter.
Market Analysis
Swiss Market Ends On Firm Note
2024-05-30 18:14:29
