Swiss Market Ends On Strong Note After Inflation Data

(RTTNews) - The Switzerland market closed on a strong note on Tuesday with stocks shrugging off early weakness and gaining in strength as the day progressed. Data showing a slowdown in consumer price inflation aided sentiment.

The benchmark SMI ended with a gain of 139.64 points or 1.19% at 11,830.77.

Logitech International and Roche Holdings both closed stronger by 2.7%. Lonza Group climbed about 2.3%.

Swiss Re, Novartis, Straumann Holding, Swatch Group, Sonova, Nestle, Richemont and Julius Baer gained 1 to 1.7%. Alcon, Swisscom, Lindt & Spruengli, VAT Group, Zurich Insurance Group and Partners Group also closed on firm note.

Schindler Ps closed down 1.19%. Holcim, Kuehne + Nagel, Sika, Geberit, Adecco and ABB also ended weak.

Data from the Federal Statistical Office said Switzerland's consumer price inflation slowed marginally at the end of the year, rising 0.6% on a yearly basis in December, following a 0.7% rise in the previous month.

Prices for housing and energy grew 3.4% annually, and those for recreation and culture climbed by 1.1%.

On the other hand, costs for food and non-alcoholic beverages decreased 0.9% from last year, and transport charges were 1.9% cheaper.

The average annual inflation amounted to 1.1% in 2024, the agency said.

On a monthly basis, consumer prices dropped at a stable rate of 0.1% in December, in line with expectations. This was the fourth successive fall in a row.