Swiss Market Closes On Firm Note For 3rd Straight Day

The Switzerland stock market closed on a firm note on Friday, in line with markets across Europe, amid optimism about strong earnings from top notch companies, and expectations about global economic recovery.

Stronger than expected earnings updates from top U.S. banks JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Morgan Stanley lifted investors sentiment.

The benchmark SMI, which slipped into the red after a modestly higher start, recovered swiftly and spent the rest of the session in positive territory. It ended the day with a gain of 68.82 points or 0.58% at 11,961.34, rising for a third straight day.

The index had gained 0.49% and 0.66% on Wednesday and Thursday, respectively.

Credit Suisse gained nearly 2%. Richemont, Swiss Life Holding, Swiss Re, Geberit, Sika and Roche Holding gained 0.8 to 1.2%. ABB, Novartis and UBS Group climbed 0.6 - 0.75%.

Logtech declined nearly 2%. SGS shed about 0.5%, while Alcon and Givaudan edged down marginally.

In the Mid Price Index, AMS, Schindler Ps, Dufry, Lindt & Spruengli, Georg Fischer, PSP Swiss Property, Schindler Holding and Straumann Holding gained 1.2 to 1.7%.

Swiss banking software firm Temenos plunged nearly 14% after the lender missed third-quarter revenue expectations.

Kuehne & Nagel ended lower by 2.7%, while Logitech, Vifor Pharma and SIG Combibloc shed 1.9%, 1% and 0.56%, respectively.

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