Swiss Market Ends On Strong Note

(RTTNews) - The Switzerland stock market ended on a strong note on Friday, in line with markets across Europe, after data showed a slowdown in eurozone inflation. Recent upbeat economic data from the U.S., and hopes of additional stimulus in China helped as well.

The benchmark SMI, which climbed to 11,309.04, ended with a gain of 109.78 points or 0.98% at 11,280.29.

Sika climbed more than 3.5%. Alcon, ABB, Lonza Group, Givaudan, Geberit, Sonova, Swiss Life Holding and Kuehne & Nagel gained 1.5 to 2.1%.

Logitech, Partners Group, UBS Group, Novartis, Richemont, Holci, Nestle and Zurich Insurance Group advanced 0.6 to 1.35%.

Belimo Holding surged 4.6%. Tecan Group and Straumann Holding gained about 3.4% and 3%, respectively.

Dufry, Georg Fischer, Meyer Burger Tech, DocMorris, Ems Chemie Holding, Clariant and Helvetia rallied 1.5 to 2.3%.

In economic news, data from the Swiss Federal Statistical Office showed retail sales in Switzerland fell 1.1% year-on-year in May, easing from a revised one-year low of a 4% drop in April. On a monthly basis, retail trade increased by 2.1%, the largest growth since October 2021.

According to Swiss Economic Institute (KOF), Switzerland's leading KOF economic barometer decreased to 90.8 in June, the lowest in seven months, from an upwardly revised score of 91.4 in May.