Swiss Market Ends Modestly Higher

The Switzerland stock market ended higher on Wednesday, in line with the trend seen across Europe, as upbeat earnings updates from several top name companies helped offset worries about a surge in coronavirus cases.

Investors also looked ahead to the U.S. Federal Reserve's monetary policy announcement, due later in the day, for clues about timing of tapering of the bank's asset buying program.

The benchmark SMI ended the session with a gain of 52.14 points or 0.43% at 12,073.23, after moving in a very tight range between 12,032.97 and 12,080.15.

Alcon climbed 2.7%, while Partners Group, Richemont and SGS gained 1.1 to 1.3%. Roche Holding, Geberit, Novartis and Givaudan moved up 0.65 to 1%.

Credit Suisse and UBS Group shed 0.8% and 0.67%, respectively. ABB and Nestle settled with modest losses.

Among the stocks in the Mid Price Index, SIG Combibloc rallied 3%, Dufry gained 2.75% and Straumann Holding climbed 2.3%.

Sonova, Tecan Group, BB Biotech, VAT Group, Flughafen Zurich and AMS gained 1.25 to 2%, while Temenos Group, EMS Chemie Holding, Julius Baer and Galenica Sante ended higher by 0.8 to 1%.

Adecco shares plunged nearly 8%. The company reported revenue €5.26 billion for the second quarter ended 30 June 2021. The company also announced the acquisition of AKKA Technologies, a global engineering consulting firm with €1.5 billion in 2020 annual revenue.

Logitech and Lindt & Spruengli shed 1.3% and 1.25%, respectively. OC Oerlikon Corp ended nearly 1% down.

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