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Swiss Market Ends Higher For 2nd Straight Day

The Switzerland stock market ended on a strong note on Monday, as optimism about potential coronavirus vaccines and economic recovery outweighed concerns about surging new cases of virus infections and prompted investors to indulge in some buying.

The benchmark SMI, which retreated and briefly slipped into the red after a bright start, gained in strength again to eventually end the day with a solid gain of 70.99 points or 0.69% at 10,300.96.

The index, which slipped to 10,229.97 after moving past 10,300 in early trades, bounced back swiftly and stayed firm right till the end of the session.

On Friday, the index ended with a gain of 86.59 points or 0.85% at 10,229.97, rebounding after three successive days of losses.

Adecco climbed up 2.8%. Swatch Group ended nearly 2% up. Givaudan, Roche Holding and Sika gained 1.25 to 1.5%, while Richemont, Credit Suisse and Alcon moved by about 1%.

Lonza Group shares gained 0.8%. Lonza announced today that China's Junshi Biosciences 1877.HK has licensed the drug manufacturer's technology to help produce a neutralizing antibody against COVID-19.

SGS, Swisscom, LafargeHolcim, UBS Group and Geberit also ended on positive note.

Among midcap stocks, Temenos Group, Straumann Holding and Dorma Kaba Holding gained 2.1 to 2.5%, while Georg Fischer notched up a gain of 1.75%.

Bucher Industries, Logitech, Vifor Pharma, Schindler Ps, Partners Group, Sonova, OC Oerlikon Corp, Barry Callebaut and BB Biotech ended higher by 1 to 1.4%, while Swiss Prime Site and Dufry declined 1.75% and 1.25%, respectively.

In vaccine news, Pfizer and BioNTech have announced that two of the companies' four investigational vaccine candidates received Fast Track designation from the U.S. Food and Drug Administration. The companies also said that they expect to start the next phase of trials as soon as later this month are anticipating enrolling up to 30,000 subjects.

If the ongoing studies are successful and the vaccine receives regulatory approval, Pfizer and BioNTech expect to manufacture up to 100 million doses by the end of 2020 and potentially more than 1.2 billion doses by the end of 2021.

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