Swiss Market Ends On Buoyant Note

The Switzerland stock market ended on a buoyant note on Thursday, in line with other markets in Europe, after U.S. lawmakers reached an agreement to temporarily extend the debt limit, avoiding a potential default.

According to reports, Senate Majority Leader Chuck Schumer, D-N.Y., announced an agreement to extend the debt ceiling through early December.

Data showing a drop in Swiss unemployment rate in the month of September contributed as well to the upbeat mood in the market.

The benchmark SMI ended with a strong gain of 194.25 points or 1.68% at 11,763.64, slightly off the session's high of 11,771.71.

Richemont climbed 4.4%, Credit Suisse gained 3.8% and UBS Group firmed 3.6%. Partners Group gained about 3.1%.

Sika shares rallied 3%. The Swiss specialty chemicals company confirmed fiscal 2021 targets, expecting sales growth in local currencies of 13% - 17% as well as an over-proportional EBIT increase.

ABB gained 2.5%, while Logitech, Roche Holding, Swiss Life Holding and Holcim moved up by about 2%. Geberit, Novartis, Swiss Re and Alcon also rose sharply.

In the Swiss Mid Price Index, AMS ended more than 4% up. Julius Baer, Adecco, Swatch Group, Cembra Money Bank, OC Oerlikon Corp, Dufry, Clariant, Logitech, BB Biotech, Temenos Group and Georg Fischer gained 1.8 to 3.2%.

Data released by the State Secretariat for Economic Affairs showed the Swiss unemployment rate inched down to a non-seasonally adjusted 2.6% in September 2021, the lowest since February 2020. The number of unemployed people fell by 6,061, or 4.8% to 120,294.

For comments and feedback contact: editorial@rttnews.com

Follow RTT