Swiss Market Ends On Strong Note

(RTTNews) - The Switzerland stock market ended higher on Monday, in line with the positive trend across the European region, as investors shrugged off concerns about economic slowdown, and focused on upcoming central bank policy meetings.

The benchmark SMI ended with a strong gain of 124.83 points or 1.12% at 11,275.35, after scaling a low of 11,198.26 and a high of 11,289.44 intraday.

ABB rallied about 3.8% after the company said it has secured a large order for its complete traction chain for the upgrade of 19 locomotives operated by Romania's state-owned railway passenger transport company CFR Calatori in partnership with local contractor Reloc.

Lonza Group climbed 3.15%. Sonova and Kuehne & Nagel both gained 2.3%. Swiss Life Holding surged 2.1%.

Geberit, Zurich Insurance Group, Alcon, Swiss Re, Roche Holding, UBS Group and Partners Group ended higher by 1.4 to 1.8%, while Richemont, Swisscom and Holcim gained 0.9 to 1.1%.

ams OSRAM AG, up 7.35%, was the top gainer in the Swiss Mid Price Index. Meyer Burger Tech ended stronger by 4.6%.

Sandoz gained more than 4% after the company announced a deal to acquire the U.S. biosimilar ranibizumab CIMERLI from Coherus BioSciences, Inc. for an upfront cash purchase payment of $170 million.

Temenos Group advanced 3.5%, while Georg Fischer, Straumann Holding, Galenica Sante, Helvetia, VAT Group, Baloise Holding, Schindler Holding, Lindt & Spruengli, Tecan Group and Schindler Ps gained 1.3 to 2.6%.

Belimo Holding tumbled 7.75%. Avolta, SIC Combibloc, BKW and Barry Callebaut ended modestly lower.