Swiss Market Snaps 4-day Losing Streak, Ends Notably Higher

(RTTNews) - The Switzerland stock market shrugged off an early setback and moved higher on Wednesday on bargain hunting and on positive cues from other markets across Europe.

The benchmark SMI ended with a strong gain of 118.20 points or 0.99% at 12,051.48. The index, which drifted down to 11,814.84 a few minutes after the opening bell, touched a high of 12,082.89 about an hour past noon.

UBS Group, which reported encouraging earnings on Tuesday, gained about 2.75%. Givaudan and Roche Holding climbed 2.3% and 2.15%, respectively.

Richemont surged up 1.75%, while Nestle, Logitech, Zurich Insurance Group, Novartis and Swiss Life Holding gained 0.6 to 1.2%.

Credit Suisse shed 2.64% after the banking major reported a wider net loss in its first quarter reflecting litigation expenses and weak revenues. The lender posted a net loss of CHF 273 million for the quarter. The bank said Russia-related losses amounted to CHF 206 million, and there was also a hit of CHF 155 million related to the Archegos scandal. The bank also announced another set of top management departures.

Holcim ended nearly 1% down, while Partners Group and Lonza Group ended lower by 0.63% and 0.55%, respectively.

In the Mid Price Index, Clariant soared nearly 8%. Ems Chemie Holdings rallied 3.76%, while Lindt & Spruengli, Swatch Group, SIG Combibloc, Swiss Prime Site, PSP Swiss Property and Schindler Holding gained 1.4 to 2.3%.

Zur Rose drifted down 5.5%. Tecan Group, Straumann Holding, Bachem Holding, Adecco and BB Biotech lost 2 to 3.25%.