Swiss Market Ends Higher For 3rd Straight Day

(RTTNews) - Despite a somewhat sluggish start, Swiss stocks moved higher on Wednesday as optimism about growth and corporate earnings aided sentiment and triggered some buying at several counters.

However, the gains were just modest as concerns about rising inflation and likelihood of the U.S. Federal Reserve hiking rates earlier than expected limited the market's upside.

The benchmark SMI ended with a gain of 33.88 points or 0.27% at 12,401.40, closing higher for a third straight session. The index moved between 12,361.13 and 12,427.64.

Novartis gained nearly 1%. Roche Holding climbed 0.8%, Givaudan gained 0.75% and Lonza Group moved up 0.52%. Holcim, Geberit and Nestle gained 0.4 to 0.5%.

Partners Group declined 1.7%, Richemont shed 1.4% and Alcon shed about 1.1%. Logitech and UBS Group lost 0.5% and 0.36%, respectively.

In the Mid Price Index, Barry Callebaut gained 2.6% and AMS surged up 2.1%. Schindler Holding and Schindler Ps gained 1.5% and 1.2%, respectively.

Kuehne & Nagel declined 3.4%, Sonova shed 2.8%, and Georg Fischer and SIG Combibloc both closed lower by 2.3%. Straumann Holding, Tecan Group, Lindt & Spruengli and VAT Group lost 1.25 to 1.4%.

Amid stagnation in vaccination rate in the last few weeks, coronavirus cases are on the rise in Switzerland. According to the Federal Office of Public Health, the country reported 4,123 new cases in the last 24 hours, about 60% over the seven-day average of 2,701 cases.