Swiss Market Ends On Strong Note

(RTTNews) - The Switzerland stock market ended on a strong note on Monday, in line with markets across Europe, as concerns about global banking crisis eased thanks to some positive developments in the sector.

News about an agreement for the takeover of the assets of failed Silicon Valley Bank (SVB) helped ease fears of a global banking crisis.

First Citizens BancShares has entered into a loss-share transaction for all deposits and loans of the SVB, the U.S. Federal Deposit Insurance Corporation (FDIC) said in a statement.

Sentiment was also underpinned after U.S. Fed officials said there was no indication that financial stress was worsening.

The benchmark SMI ended with a gain of 152.18 points or 1.43% at 10,786.22, after climbing to a high of 10,817.72 intraday.

Novartis rallied about 7.8% after the drugmaker reported positive results from a trial of its Kisqali breast cancer drug.

Alcon climbed 2.19%. Lonza Group and Sonova surged 1.82% and 1.68%, respectively. Holcim, Richemont and Swiss Re gained 1.25 to 1.4%.

UBS Group, Swiss Life Holding, Credit Suisse, Sika and Logitech posted modest gains.

ABB and Givaudan drifted down 1.21% and 1%, respectively. Roche Holding ended lower by about 0.6%.

In the Mid Price Index, Zur Rose ended stronerg by about 4.8%. Tecan Group surged 3.13%, while Bachem Holding, Temenos Group and Belimo Holding gained 2.4 to 2.8%.

Helvetia, Georg Fischer, Straumann Holding, SIG Combibloc, Adecco, Clariant and AMS also ended notably higher, while Julius Baer ended lower by 1.88%.