Swiss Stock Market Bounces Higher On Virus Treatment Hopes

(RTTNews) - The Swiss stock market rebounded on Monday, riding a wave of optimism on hopes for a coronavirus treatment in the face of a resurgence of virus cases around the world.

Investor sentiment was boosted after U.S. regulators authorized the use of blood plasma from recovered patients as a treatment option for COVID-19.

The Swiss market opened firmly higher and remained in the green throughout the session, halting a two-day losing streak.

The SMI advanced 90.19 points or 0.88 percent to finish at 10.308.39 after trading between 10,280.94 and 10,356.75.

Among the actives, Adecco Group surged 3.21 percent, while UBS Group soared 2.29 percent, Swiss Life spiked 1.88 percent, Compagnie Financiere Richemont and Swiss Re both rallied 1.84 percent, Lafarge Holcim jumped 1.64 percent, Zurich Insurance climbed 1.58 percent, Swatch Group advanced 1.19 percent, Swisscom added 0.62 percent and Novartis gained 0.14 percent.

The gains were in line with the other major European markets, which also opened sharply higher and ended higher for the first time in three sessions.

Germany's DAX surged 301.74 points or 2.36 percent to 13,066.54, while the FTSE on London jumped 102.84 points or 1.71 percent to 6,104.73 and the CAC 40 in France spiked 111.56 points or 2.28 percent to 5,007.89.