Swiss Market Ends Modestly Higher

(RTTNews) - After a firm start and a subsequent move up north amid hopes for a peace deal in Ukraine, the Switzerland stock market began paring gains Monday afternoon, but still managed to close modestly higher.

Reports about a surge in Covid-19 cases in Shanghai and imposition of fresh lockdown measures weighed on sentiment.

The trend in the Swiss market was almost similar to the ones seen in most of the major markets across Europe.

The benchmark SMI, which climbed to a high of 12,264.93 around mid afternoon, ended the day with a gain of 34.28 points or 0.28% at 12,155.95.

Alcon gained about 2.6%. Richemont, Geberit, Logitech, Nestle and Swisscom advanced 0.8 to 1.25%. SGS, Novartis, Zurich Insurance Group and Sika also ended on positive note.

Credit Suisse and ABB both ended lower by about 2.1%. Givaudan declined 1.56% and Partners Group shed 1%.

Among the stocks in the Swiss Mid Price Index, Kuehne & Nagel climbed 4.1% and SIG Combibloc gained 3.7%. Tecan Group, Zur Rose, Swatch Group, Sonova and AMS ended stronger by 2 to 2.6%.

Straumann Holding, Barry Callebaut and Lindt & Sprengli also ended sharply higher.

Adecco, BB Biotech, Swiss Prime Site and Schindler Ps ended lower by 1 to 2%.