Swiss Market Ends On Firm Note

The Switzerland stock market ended on a firm note on Thursday, in line with the trend seen across Europe, as traders bet on fairly strong economic rebound.

The benchmark SMI, which stayed in positive territory right through the day's session, ended with a gain of 53.96 points or 0.44% at 12,449.68, after moving between 12,410.89 and 12,468.16.

Swiss Life Holding rallied more than 3.5% after the company said that it will launch a new 1 billion Swiss franc buyback. The company, which reported a surge in earnings, has also raised its dividend payout ratio to more than 60%.

Lonza Group gained nearly 2%. Richemont, Swiss Re and Sika gained 1 to 1.3%, while Alcon climbed 0.83%. Nestle, Partners Group, SGS, UBS Group and Geberit posted modest gains.

Credit Suisse, Zurich Insurance Group and Swisscom ended marginally down.

In the Mid Price Index, Flughafen Zurich and Straumann Holding both gained 2%. Georg Fischer, SIG Combibloc, Dufry, VAT Group, Swatch Group, Cembra Money Bank and Sonova moved up 1 to 1.7%.

Lindt & Spruengli, PSP Swiss Property, Barry Callebaut and AMS ended notably lower.

In coronavirus news, the Federal Office of Public Health said that Switzerland saw more than 8,500 new infections on Wednesday (November 24).

The government says that although the current situation is "critical", no additional national measures are necessary to curb the surge. Health Minister Alain Berset said on Wednesday that the intensive care units in hospitals could still cope with the number of Covid patients.

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