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Swiss Market Ends On Bright Note

The Switzerland market ended on a strong note on Friday, as data showing an acceleration in Swiss retail sales, and bargain hunting lifted stock prices.

The positive trend in markets across Europe helped as well.

The benchmark SMI ended with a gain of 140.56 points or 1.39% at 10,267.55, slightly off the day's high of 10,275.86.

Alcon rallied nearly 5%. Sika, Geberit, Credit Suisse, Sonova, Lonza Group and Partners Group gained 3.7 to 4%.

Givaudan surged 2.84%. Holcim, Logitech, Swiss Life Holding, ABB and Richemont advanced 1.4 to 2.5%.

In the Mid Price Index, Clariant surged 7.07% and Bachem Holding climbed nearly 7%.

Straumann Holding, Tecan Group, Belimo Holding, Zur Rose, Temenos Group and AMS gained 4.75 to 6.8%.

Ems Chemie Holding, SIG Combibloc, Adecco, Swiss Prime Site, Julius Baer and Lindt & Spruengli also moved up sharply.

Data from the Federal Statistical Office showed that annual retail sales growth accelerated to 5.4% in August from 4.9% in July. This was the third successive monthly rise.

On a monthly basis, retail sales rose 1.5% in August versus 0.2% in July.

Meanwhile, a measure signaling future turning points in the Swiss economy increased unexpectedly in September, though marginally, results of a survey by the KOF Swiss Economic Institute showed.

The economic barometer remained almost unchanged in September, rising 0.3 points from August to 93.8. Economists had forecast the index to fall notably to 84.5.

With the barometer weakening in recent months, Swiss economic activity is expected to cool at the end of 2022, the KOF said.

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