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Swiss Market Posts New Closing High

The Switzerland stock market ended higher on Wednesday, extending recent gains amid continued optimism the Swiss economy will withstand pressures of trade disputes, even as most of the markets across Europe drifted to a negative close.

The benchmark SMI rose to a new high of 9,882.40 before settling down to close at 9,859.73 with a modest gain of 23.86 points, or 0.24%.

On Tuesday, the SMI ended up 86.74 points, or 0.89%, at 9,835.87.

Lonza Group ended 2.37% up, topping the list of gainers in the benchmark index. Geberit ended nearly 1% up. Givaudan, Novartis and Roche Group gained 0.7 to 0.8%. SGS, Richemont and Swisscom also closed on a positive note.

On the other hand, LafargeHolcim ended more than 4% down after Thomas Schmidheiny, a major shareholder in the company, said he reduced his stake in the firm to 7.2% from 10.9% to diversify his investment portfolio.

Credit Suisse ended 1.7% down, while UBS and Swatch Group both closed lower by about 1.05%. Alcon ended 0.4% down.

ABB shares ended lower by about 0.3%. The company said it has appointed industrial and software specialist Maryrose Sylvester as the new head of its U.S. business. He replaces Greg Scheu, who is due to retire on October 31, 2019.

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