Swiss Market Ends Marginally Up After Choppy Ride

The Switzerland stock market ended marginally higher on Monday after a choppy session. The mood was cautious right through the day with investors digesting news about coronavirus cases, and economic data from across the globe.

Activity was somewhat stock specific with corporate news providing some direction.

The benchmark SMI ended up 18.55 points or 0.18% at 10,060.46 after scaling a low of 10,004.26 and a high of 10,080.85 intraday.

Zurich's health authority announced that it has ordered a 10-day quarantine for about 300 guests and staff of a nightclub after a reveler tested positive for the coronavirus and had been proven to have infected others during his outing.

Novartis edged up marginally. The drugmaker said that it has withdrawn an application for European approval of its Xiidra dry eye medicine after regulators concluded its effectiveness had not been demonstrated and that its benefits did not outweigh risks.

Roche Holding's chairman has reportedly said that the company is unable to meet demand for molecular tests to identify active COVID-19 infections. Shares of the company declined by about 0.7%.

LafargeHolcim, ABB, Credit Suisse and Geberit gained 1.3 to 1.7%. SIka, Swatch Group, Swiss Re and UBS Group gained 0.9 to 1%.

In the midcap section, AMS gained more than 5%. OC Oerlikon Corp advanced 4.4%. Helvetia, Dorma Kaba Holding, Clariant, Schindler Holding, Georg Fischer, Logitech, Schindler Ps and Lindt & Spruengli gained 1.5 to 2.5%.

Sonova and BB Biotech lost 1.4% and 1.25%, respectively, while Temenos Group, Vifor Pharma and Flughafen Zurich lost 0.7 to 1%.

Gilead Sciences' announcement about pricing plans for its coronavirus drug remdesivir contributed a bit to the gains in European markets today. Among the major indices, the U.K.'s FTSE 100 climbed 1.08%, Germany's DAX gained 1.18% and France's CAC 40 advanced 0.73%. The pan European Stoxx 600 ended up 0.44%.

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