Swiss Stocks End On Firm Note

(RTTNews) - The Switzerland stock market ended notably higher on Wednesday, tracking positive moves across Europe ahead of a no-deal Brexit vote.

The start was a bit subdued, but stocks gained in strength as the session progressed with some corporate news providing direction.

The benchmark SMI ended up 55.81 points, or 0.6%, at 9,387.43, rallying from an early low of 9,310.28.

On Tuesday, the index ended down 9.73 points, or 0.1%, at 9,331.62.

Sika gained 1.2% after the company said that it has acquired a Belarus-based polyurethane foam systems manufacturer.

Nestle ended 0.7% up . According to a report in Bloomberg, Nestle has selected a slew of private equity firms and consumer companies L'Oreal and Unilever to participate in the next round of an auction for its skin care business.

Airbus gained about 1.6%. Julius Baer advanced 1.2%. Credit Suisse ended nearly 1% up. JP Morgan has changed the rating of Credit Suisse stock to 'neutral' from 'overweight'.

Zurich Insurance, Novartis, Richemont, UBS Group, LafargeHolcim, Swatch Group, ABB, Swiss RE and Geberit ended modestly higher.

Shares of Rieter Holding declined more than 7%. The company reported a 2018 net profit of 32 million Swiss francs and proposed a dividend of 5.00 francs.

Among other major markets in Europe, Germany and France ended notably higher, with their benchmark indices DAX and CAC 40 gaining 0.42% and 0.69%, respectively. The U.K.'s FTSE 100 edged up 0.11%. The pan European Stoxx 600 gained 0.63%.

In economic news, Eurozone's industrial production grew in January after declining in the previous two months, and the pace of expansion exceeded economists expectations, figures from the statistical office showed on Wednesday.

Industrial production rose 1.4% in January, from December, when it fell 0.9%. Economists had forecast a 1% increase.

Growth was driven by a 2.4% surge in energy production, followed by a 2% climb in the output of non-durable consumer goods. Capital goods output rose 0.9%, durable goods production grew 1.1% and manufacture of intermediate goods was 0.2% higher.

On a year-on-year basis, industrial production decreased 1.1% after a 4.2% slump in December. Economists had forecast a 2.1% fall.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Май 2019    »