Swiss Market Ends Higher For 3rd Straight Day

(RTTNews) - Despite a retreat that resulted in a brief spell in negative territory around mid afternoon, the Switzerland market ended modestly higher on Thursday, with stocks finding some good support in the closing minutes of the session.

The benchmark SMI ended up by 24.72 points or 0.21% at 11,730.43, gaining for a third straight day. The index, which advanced to 11,740.68 in early trades, touched a low of 11,687.14 before recovering to end on a positive note.

Roche Holding and Logitech International gained 1.3% and 1.28%, respectively. Holcim, Lonza Group, Novartis and Richemont advanced 0.7 to 1%.

Sika, Partners Group, Kuehne & Nagel and Zurich Insurance Group posted modest gains.

UBS Group ended down by 1.81%. Sonova, Swiss Re, Swisscom and Alcon lost 0.6 to 0.72%. ABB and Nestle ended modestly lower.

In the Mid Price Index, Avolta rallied 5.3% and Sandoz climbed about 2.3%. Lindt & Spruengli, Barry Callebaut and Tecan Group gained 1.4 to 2%.

Adecco advanced 1.02%. SIG Group, Swatch Group, Ems Chemie Holding, Galenica Sante and PSP Swiss Property ended higher by 0.4 to 0.7%.

Meyer Burger Tech tanked 21%. ams OSRAM AG drifted down 4.56%, while Temenos Group and Flughafen Zurich ended lower by 1.4% and 1.1%, respectively.

In economic news, a measure signalling future turning points in the Swiss economy decreased in March, though reflecting positive prospects for the Swiss economy as the index is above its long-term average, the results of a survey by the KOF Swiss Economic Institute showed.

The economic barometer dropped to 101.5 in March from a upwardly revised 102.0 in February. Economists had forecast the index to remain stable at 102.0.

However, the index is now stabilizing above its long-term average, and the outlook for the Swiss economy therefore remains positive, the KOF said.