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Swiss Market Ends On Buoyant Note

The Switzerland stock market ended on a strong note, in line with the trend seen across Europe, as optimism about U.S.-China phase one trade deal and upbeat U.S. monthly jobs data lifted sentiment.

The benchmark SMI ended up 100.38 points, or 0.97%, at 10,463.88, slightly off the day's high of 10,472.06.

On Thursday, the SMI ended up 28.94 points, or 0.28%, at 10,363.50.

Swiss Re ended higher by 3.02% after Phoenix Group Holdings Plc said it will buy the British insurance unit of Swiss Re AG in a cash-and-shares deal worth 3.2 billion pounds ($4.1 billion).

Swiss Re said it would get a cash payment of 1.2 billion pounds and a stake in Phoenix of 13% to 17%. Swiss Re said the the deal would have a positive impact on its Group Swiss Solvency Test ratio and economic profit and a negative impact on its US GAAP results in the fourth quarter of 2019.

Richemont gained 2.1%, while Adecco, SGS, Credit Suisse, Nestle, UBS Group, Swiss Life Holding, Swatch Group, Zurich Insurance Group, Lonza Group and Geberit ended higher by 1 to 1.4%.

Among the stocks in the Swiss Mid Price Index, Temenos Group gained 2.7%. Dufry gained about 1.8%, while Clariant ended 1.52% up.

Julius Baer, AMS, Bucher Industries, Ems Chemie Holding, Swiss Prime Site, Kuehne & Nagel and Logitech International gained 1 to 1.4%. Partners Group, VAT Group and OC Oerlikon Corp ended nearly 1% up.

Most of the markets across Europe ended on a buoyant note. Among the major markets in the region, The U.K.'s FTSE 100 climbed 1.43%, France's CAC 40 advanced 1.21% and Germany's DAX gained 0.86%. The pan European Stoxx 600 ended up 1.16%.

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