Swiss Market Ends Modestly Higher

(RTTNews) - The Switzerland stock market ended higher on Thursday, in line with markets across Europe, reacting to news about gradual reopening of businesses across the continent and in several states in America.

Investors were also digesting the latest data on unemployment.

The market briefly slipped into the red in the final hour after staying positive till then, but recovered swiftly to close with modest gains.

The benchmark SMI ended up 46.28 points, or 0.48%, at 9,617.98. The index, which rose to 9,635.96 in early trades, touched a low of 9,555.61 in the final hour.

Alcon gained more than 4%, while Swiss Life Holding and Adecco moved up 3.2% and 3%, respectively.

UBS Group ended 2.7% up. LafargeHolcim, Credit Suisse and Richemont gained 2.3 to 2.5%. Swiss Re moved up nearly 2% and Swatch Group ended 1.75% up. SGS and Givaudan also ended notably higher.

ABB gained about 0.85%. The company announced that it has won orders worth $180 million from rail manufacturer Stadler to supply equipment for more than 160 trains in Europe and North America.

Roche Holding shares declined 1.45%. Swisscom shed about 0.9% and Novartis declined 0.5%. Novartis has priced its treatment for a hard-to-treat form of lung cancer at the U.S. wholesale acquisition cost of $17,950 for a 28-day supply. The drug has recently been approved by the U.S. regulators.

Among midcap stocks, AMS rallied 5.8% and Partners Group climbed up 3.7%. Helvetia and Julius Baer moved up 2.6% and 2.2%, respectively. Vifor Pharma, Clariant, Baloise Holding and Temenos Group also ended with solid gains. Dufry and OC Oerlikon Corp declined sharply.

According to the State Secretariat for Economic Affairs, or SECO, the jobless rate increased to a seasonally adjusted 3.3% in April from 2.9% in March. This was in line with economists' expectations.

On an unadjusted basis, the unemployment rate rose to 3.3% in April from 2.9% in the preceding month.

The youth unemployment rate, which applies to the 15 to 24 age group, increased to 3.3% in April from 2.8%in the previous month.

The number of vacancies announced at the regional employment offices decreased by 13,057 jobs in April to 18,415, the report showed.