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Swiss Market Ends Higher On Optimism Over U.S.-China Trade Talks

After an initial uptick and a subsequent sluggish spell that lasted till the penultimate hour, the Swiss market saw some hectic buying in the closing minutes on Thursday to eventually end the session on a firm note.

Renewed optimism about U.S.-China trade negotiations after U.S. President Donald Trump tweeted that he is planning to meet Chinese Vice Premier Liu He as part of trade discussions lifted sentiment.

The benchmark SMI, which rose to 9,914.56, ended at 9,903.02, gaining 72.97 points, or 0.74%.

On Wednesday, the SMI ended up 29.81 points, or 0.3%, at 9,830.05.

Givaudan ended higher by about 2.15%. The company confirmed its mid-term guidance after sales rose 6.4% on a like-for-like basis in the first nine months of 2019.

Richemont and UBS Group also gained more than 2%. LafargeHolcim ended nearly 2% up. According to a report from Bloomberg, the company will not make an offer for BASF's construction chemicals unit. Credit Suisse and Sika both closed higher by about 1.65%.

Zurich Insurance Group, Adecco, Geberit, ABB, Swatch Group and Swiss Life Holding ended higher by 1 to 1.4%.

In the midcap space, Sunrise Communications gained 3.75%. OC Oerlikon Corp gained 3.25%, while Georg Fischer, Clariant and Julius Baer added 2 to 2.4%.

Bucher Industries, Kuehne & Nagel, VAT Group, Dufry, Logitech International, Helvetia and AMS also closed notably higher.

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