Swiss Market Ends On Firm Note

(RTTNews) - The Switzerland stock market ended on a firm note on Tuesday thanks to positive global cues after data showing a drop in U.S. consumer prices in the month of February helped ease concerns about the outlook for interest rates.

The market also digested Swiss producer and import price inflation data.

The benchmark SMI, which moved along the flat line till nearly a couple of hours past noon, climbed higher after that to eventually close with a gain of 84.67 points or 0.8% at 10,716.72. The index dropped to a low of 10,593.55 in the session.

UBS Group rallied more than 3.5%. Holcim climbed nearly 3% and ABB surged 2.53%.

Swiss Life Holding, Sika, Richemont and Sonova gained 1.9 to 2.2%. Givaudan and Logitech moved up 1.3% and 1.1%, respectively.

Zurich Insurance Group drifted down 1.49%. Credit Suisse and Lonza Group ended lower by 0.75% and 0.61%, respectively.

In the Swiss Mid Price Index, Bachem Holding climbed 5.75%. Zur Rose gained nearly 4.5% and Tecan Group surged 3.83%.

VAT Group, Kuehne & Nagel, Straumann Holding, Schindler Ps, AMS, Georg Fischer and Schindler Holding gained 2.4 to 3.2%.

Data from the Federal Statistical Office showed Switzerland's producer and import price inflation eased further in February to the lowest level in nearly two years.

Producer and import prices rose 2.7% year-on-year in February, slower than the 3.3% increase in the previous month. Further, this was the weakest rate of increase since April 2021, when prices had risen 1.8%.

The producer price index climbed 3% annually in February, and import prices registered an increase of 2.3%.

On a monthly basis, producer and import prices dropped 0.2% from January, when they rose by 0.7%.