Swiss Market Ends On Firm Note

The Switzerland market shrugged off a mild mid-morning setback and moved higher on Tuesday to eventually end the day’s session on a firm note.

Investors digested a batch of earnings updates from Swiss companies and looked ahead to some key global economic data, and policy announcements from the Federal Reserve, the Bank of England and the Bank of Japan.

The benchmark SMI ended with a gain of 67.12 points or 0.55% at 12,282.02. The index, which edged down to 12,205.57 around mid morning, hit a high of 12,296.35 later on in the session.

Sika climbed 2.05%. The chemicals maker backed its annual forecast after reporting a 9.2 percent jump in sales for the first half.

SIG Group gained about 2.25%. Swatch Group advanced nearly 2%. Geberit climbed about 1.5%.

Swiss Re, Straumann Holding, Zurich Insurance Group and Lindt & Spruengli gained 1 to 1.25%. Holcim, SGS, Nestle, Kuehne + Nagel, Logitech International, Julius Baer and Richemont ended higher by 0.6 to 0.9%.

Clariant tumbed 8%. The Swiss chemical company reported a decline in second-quarter earnings on lower prices and trimmed its sales outlook.

ams OSRAM AG and Avolta ended lower by 2.1% and 1.6%, respectively. Tecan Group and Temenos Group also closed notably lower.

On the economic front, a report from Swiss Economic Institute (KOF) said the KOF economic barometer fell to 101 in July, from 102.7 in June.