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Swiss Market Ends Modestly Higher

The Switzerland stock market ended modestly higher on Friday, after a steady performance, as worries about coronavirus spread faded a bit after the World Health Organization said it is too early to declare the virus attack a global health emergency.

Some positive earnings news too contributed to market's rise.

The benchmark SMI ended up 35.81 points, or 0.33%, at 10,849.75, after scaling a high of 10,913.20 intraday.

On Thursday, the SMI ended down 81.13 points, or 0.74%, at 10,813.94, snapping a seven-day winning streak.

Givaudan ended higher by about 2% after the company said it is on track to reach its 2020 guidance. The company said that its net profit and underlying sales were up by about 6% last year.

SGS and ABB ended stronger by 2.1% and 2.05%, respectively. Adecco, Geberit, Zurich Insurance Group, Swiss Life Holding, Sika, Swisscom, Swiss Re, Richemont and Credit Suisse gained 1 to 1.75%. UBS Group shares ended nearly 1% up, while Nestle and LafargeHolcim closed with modest gains.

Roche Holding declined 1.2% after the company said that its immunotherapy Tecentriq failed a late-stage clinical trial in a form of urothelial cancer. The company also said that it has gained approval for an additional indication in early HER2-positive breast cancer for Kadcyla in Switzerland.

In the midcap space, Helvetia gained about 2.3% after the company announced that it will be aquiring an around 70% stake in Spanish insurer Caser for 780 million euros ($865 million) to expand its European business.

Temenos Group, OC Oerlikon Corp, Georg Fischer, VAT Group, AMS, Bucher Industries, Baloise Holding, Logitech International and Schindler Ps gained 1 to 2%.

Among other major indices in Europe, the U.K.'s FTSE 100 gained 1.04%, Germany's DAX climbed up 1.41% and France's CAC 40 advanced 0.88%. The pan European Stoxx 600 ended up 0.86%.

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