Swiss Market Ends On Firm Note On Positive Global Cues

(RTTNews) - The Switzerland stock market ended on a firm note on Monday, in line with markets across Europe, as the mood remained fairly bullish on hopes the Federal Reserve will slow down the pace of its interest rate hikes following last week's data showing a contraction in U.S. service sector activity.

Optimism surrounding China's reopening helped as well.

The benchmark SMI ended with a gain of 68.03 points or 0.61% at 11,212.57, after moving in a narrow range between 11,152.04 and 11,234.13.

Sika rallied more than 5% and Geberit climbed 4.32%. Credit Suisse and Givaudan gained about 3.25% and 3.15%, respectively.

Holcim surged 2.02%. Partners Group, Sonova, ABB, UBS Group, Zurich Insurance Group and Richemont gained 1.1 to 1.62%.

Swiss Re ended nearly 1% down. Roche Holding and Novartis ended lower by about 0.75% and 0.5%, respectively.

In the Mid Price Index, Zur Rose soared nearly 10%. AMS climbed 5.58%. VAT Group and Straumann Holding both gained about 4%.

Ems Chemie Holding, Tecan Group, Georg Fischer, Bachem Holding, Adecco, Swatch Group and SIG Combibloc also ended sharply higher.

Barry Callebaut drifted down 1.81% and Galenica Sante ended with a modest loss.

Data released by the State Secretariat for Economic Affairs, or SECO, showed Switzerland's unemployment rate increased marginally in December and fell to the lowest level in more than two decades in the year 2022.

The unadjusted unemployment rate rose to 2.1% in December from 2% in November. In the corresponding month last year, the jobless rate was 2.6%.

Data also showed that the seasonally adjusted jobless rate fell to 1.9% from 2%. The annual average unemployment rate dropped to 2.2% in 2022 from 3% in 2021.