The Switzerland stock market, which briefly slipped into negative territory early on in the session on Wednesday, ended the day modestly higher amid optimism about economic recovery.
The benchmark SMI ended up by 33.84 points or 0.3% at 11,156.21, after moving between 11,121.87 and 11,183.33.
Richemont shares gained 3.3%. UBS Group gained 1.6%, Lonza Group ended 1.3% up and Swatch Group advanced 1.1%. Roche Holding and LafargeHolcim gained 0.95% and 0.85%, respectively. ABB closed with a modest gain of 0.55%.
Credit Suisse recovered after early weakness and ended marginally up. The Swiss banking giant has flagged around $2.3 billion in problematic loans in its Greensill Capital funds.
Partners Group ended 1.5% down, while Geberit, SGS, Sika and Swiss Re declined 0.7 to 0.9%.
In the mid price index, BB Biotech gained 3.15%, Clariant ended nearly 3% up and Dufty rallied 2.2%, while Temenos Group and Vifor Pharma both ended higher by about 1.5%.
Adecco, Helvetia and SIG Combibloc ended lower by 1.3 to 1.8%.
The Swiss government today announced further easing of its COVID-19 restrictions, allowing restaurants to reopen outdoor terraces from next week and sports events to take place with audiences.
The government has taken this decision despite the infection situation remaining fragile and had actually worsened in recent days.
“Despite rising case numbers we can carefully open up as we have another situation in terms of testing and vaccinations,” Health Minister Alain Berset told reporters, according to Reuters.
“Firstly, thanks to the weather, we can go outside more. Secondly a large part of the most vulnerable people are already vaccinated. We think taking the risk is justifiable.”
Market Analysis
Swiss Market Closes Modestly Higher
2021-04-14 18:29:28
