Swiss Market Ends Sharply Higher On Strong Earnings News

(RTTNews) - The Switzerland stock market ended on a strong note on Tuesday, tracking positive global cues and reacting to some buoyant earnings updates.

The benchmark SMI, which stayed firm right through the session, ended with a gain of 177.81 points or 1.68% at 10,773.34, near the day's high.

Logitech, which soared 12.5%, was the top gainer in the SMI Index.

UBS Group climbed 7.73% after beating profit expectations in its third quarter. UBS said net income in the July - September 2022 quarter was $1.73 billion, compared with analyst estimates of $1.57 billion. The wealth management unit saw lending revenue jump amid client inflows of $17.1 billion.

Sika gained about 3.75% after the U.K.'s Competition and Markets Authority announced that it was considering a solution to address concerns relating to the merger of Sika AG and MBCC Group.

Partners Group rallied 5.23%, while Givaudan and Lonza Group gained 3.85% and 3.64%, respectively.

Richemont, Geberit and Sonova climbed 2.4 to 2.6%, Credit Suisse gained 2%, whileABB, Roche Holding and Swiss Life Holding ended higher by 1.2 to 1.53%.

In the Mid Price Index, VAT Group surged nearly 6% and Belimo Holding gained about 5.4%. Kuehne & Nagel climbed 4.3% and Zur Rose gained nearly 4%.

PSP Swiss Property, Julius Baer, AMS, Georg Fischer, Swiss Prime Site, Temenos Group and Straumann Holding gained 2 to 3.2%.