Swiss Market Ends On Buoyant Note
(RTTNews) - The Switzerland market closed on a buoyant note on Thursday after holding firm start to finish thanks to sustained buying at several counters after recent data from U.S. raised hopes of some interest rate cuts by the Federal Reserve this year.
The benchmark SMI closed up 160.26 points or 1.36% at 11,942.00, the day's high.
Richemont soared nearly 16.5% after the company reported that its total sales for the third quarter grew 10% to 6.15 billion euros, its highest ever quarterly sales, from prior year's 5.59 billion euros. Sales at constant exchange rates also grew 10%.
Richemont's retail sales went up 11% from last year to 4.38 billion euros. Online retail sales climbed 18%. Wholesale and royalty income was up 4% to 1.35 billion euros. In the quarter, the company recorded double-digit growth in the Americas, Europe, Middle East & Africa and Japan.
Swatch Group gained 2.8%, Sandoz Group climbed 2.5% and VAT Group closed higher by 2.15%. Lindt & Spruengli, Partners Group and Roche Holding gained 1 to 1.2%.
UBS Group, Adecco, Swiss Re, Alcon, Lonza Group, Swisscom, Givaudan and SIG Group also closed higher, gaining 0.5 to 1%.
Geberit closed down 3.2%, and SGS lost about 2.25%. Julius Baer, Straumann Holding, Sonova and Zurich Insurance Group closed modestly lower.
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