Swiss Market Ends On Firm Note

The Switzerland market shrugged off a sluggish start and moved higher on Friday as news about loosening of Covid restrictions in China helped outweigh concerns about economic slowdown and prompted investors to pick up some stocks.

The benchmark SMI, which edged down to 10,980.80 in early trades, ended the session with a gain of 63.77 points or 0.58% at 11,068.30. The index climbed to a high of 11,101.33 intraday.

Credit Suisse rallied 6.76% after the Swiss lender announced it has raised 2.24 billion Swiss francs ($2.39 billion) as part of a 4-billion-franc cash call.

Sika surged nearly 3%. Geberit, Givaudan, Partners Group, Logitech and ABB gained 1.4 to 2%.

Sonova, Swiss Life Holding, UBS Group, Holcim, Swiss Re and Swisscom gained 0.5 to 1%.

In the Mid Price index, Lindt & Spruengli surged nearly 3%. Clariant, Belimo Holding, Galenica Sante, Swatch Group, VAT Group, Schindler Ps, SIG Combibloc, Ems Chemie Holding and Georg Fischer gained 2 to 2.5%.

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