Home Featured Swiss Market Hits Another New High, Ends Marginally Up

Swiss Market Hits Another New High, Ends Marginally Up

Swiss Market Hits Another New High, Ends Marginally Up

The Switzerland stock market rallied well after a steady start, posted a new all-time high a little before noon, but retreated and eventually ended the session with just marginal gains.

The benchmark SMI, which climbed to a new peak at 10,428.57, ended the day with a gain of 18.84 points, or 0.18%, at 10,366.02.

On Monday, the index ended with a gain of 37.06 points, or 0.36%, at 10,347.18.

Adecco, Swatch Group, Roche Holding, Alcon, Swiss Life Holding and Credit Suisse gained 0.4 to 1%.

Lonza Group shares declined more than 1%. ABB, UBS Group, Nestle and LafargeHolcim ended modestly lower.

In the midcap section, BB Biotech and Partners Group ended higher by 1.7% and 1.6%, respectively. OC Oerlikon Corp, Swiss Prime Site, Georg Fischer, Dufry and Baloise Holding gained 0.8 to 1%.

Sonova declined more than 8% despite the company posting higher earnings and raising its full-year 2019/2020 sales and profit outlook.

In economic news, Switzerland’s exports declined in October after rising in the previous month and imports fell for the second straight month, data from the Federal Customs Administration showed on Tuesday.

Exports declined by real 1.3% month-on-month in October, after a 2.7% rise in September.

On a monthly basis, imports fell 2.4% in October, following a 1.3% decline in the previous month.

The trade surplus fell to CHF 2.389 billion in October from CHF 3.047 billion in the preceding month.

According to the Federation of the Swiss Watch Industry, watch exports increased by 1.5% year-on-year in October.

The material has been provided by InstaForex Company – www.instaforex.com