Swiss Market Ends On Strong Note

The Switzerland stock market ended on a strong note on Monday in line with most of the markets across Europe, as investors shrugged off concerns about growth for now and indulged in some buying at several counters.

Investors shrugged off data showing Switzerland's consumer price inflation rose to the highest level since 1993.

The benchmark SMI ended with a gain of 111.57 points or 1.04% at 10,881.97, nearly 40 points off the day's high of 10,918.88.

UBS Group, Geberit and Credit Suisse gained 2.3 to 2.5%. Novartis and Givaudan both gained about 1.65%.

Sika, ABB, Swiss Re, Holcim, Lonza Group and Swisscom climbed 0.9 to 1.4%. Alcon, Richemont, Roche Holding and Nestle also closed on firm note.

In the Swiss Mid Price Index, Galenica Sante rallied nearly 2.5%. Barry Callebaut ended higher by about 2%. Schindler Ps and Schindler Holding both ended higher by about 1.4%.

Tecan Group, Baloise Holding, Ems Chemie Holding, Kuehne & Nagel and SIG Combibloc posted modest gains.

AMS plunged nearly 8% after JP Morgan downgraded the stock to "neutral" from "overweight."

Zur Rose ended lower by about 2.8%. Temenos Group, Bachem Holding and Straumann Holding shed 1.7 to 2.1%.

Data from the Federal Statistical Office showed consumer prices rose by more-than-expected 3.4% year-on-year in June, following a 2.9% increase in May. Economists had expected the rate to climb to 3.2%.

On a monthly basis, consumer prices rose 0.5% in June, after a 0.7% increase in the previous month. Economists had forecast a rise of 0.3%.

The core CPI, excluding prices of fresh and seasonal products, energy and fuel, increased 1.9% annually in June and rose 0.2% from a month ago.

Imported inflation was 8.5% annually in June.

The EU measure of harmonized index of consumer prices, or HICP, rose 0.5% on a monthly basis in June and grew 3.2% from a year ago.

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