Swiss Market Ends On Bright Note

(RTTNews) - The Switzerland market ended on a strong note on Wednesday, in line with most of the markets across Europe, amid hopes the European Central Bank will announce its first interest rate cut in several years on Thursday.

The benchmark SMI ended with an impressive gain of 141.08 points or 1.17% at 12,150.02, slightly off the day's high of 12,155.49.

VAT Group and Kuehne & Nagel both gained nearly 3.5%. Logitech International and Richemont ended higher by 2.1 to 2.25%.

ABB gained 2.25% after the company announced that it has received four contracts from Red Eléctrica to supply synchronous condensers in the Canary and Balearic Islands of Spain. The company said the order will help strengthen the electricity grid on the islands and aid in the energy transition to renewable sources.

Novartis gained nearly 2%. Alcon, Givaudan, Lonza Group, Swiss Life Insurance, Sika, Roche Holdings, Holcim, Partners Group, Sonova and Swiss Re climbed 1 to 1.6%.

Tecan Group, Georg Fischer, BKW and Belimo Holding also ended notably higher.

Swatch Group dropped about 2.2%. SIG Group ended nearly 1% down. Avolta and Adecco also closed notably lower.