The Switzerland stock market ended sharply higher on Wednesday, extending gains to a fourth session, staying firmly in line with the trend seen across Europe.
Despite reports showing a surge in new coronavirus cases in Switzerland, the market made notable progress today, with stocks from across various sectors forcing their way up.
U.S. stocks were surging higher amid signs that the U.S. elections will not result in a "blue wave" that sees the Democrats reclaiming both the White House and the Senate. With the major in Europe too gaining in strength, the mood in the Swiss market was fairly bullish once again.
The benchmark SMI, which edged down slightly in early trades, ended with a gain of 282.97 points or 2.83% at 10,286.79, slightly off the day's high of 10,301.27.
Lonza Group and Roche Holding moved up 5.75% and 5.4%, respectively. Novartis, Alcon and Givaudan gained 3.2 to 3.6%.
Swiss Life Holding surged up 3.1% after it reported a 10% rise in fee income in the first three quarters of the year.
Sika, Partners Group, Richemont, Geberit, Nestle, Swiss Re and Zurich Insurance Group gained 1.5 to 2.5%.
UBS Group declined 0.6% and LafargeHolcim shed about 0.4%, while Credit Suisse ended flat.
In the Mid Price index, Vifor Pharma gained nearly 6%, while Tecan Group, BB Biotech, Sig Combibloc, AMS, Temenos Group and Galencia Sante moved up 3 to 4%.
Several other stocks, including VAT Group, Sonova, Barry Callebaut, OC Oerlikon Corp and Lindt & Sp Ps also closed sharply higher. Adecco, which ended with a big gain on Tuesday, declined by about 0.9% on profit taking.
The Swiss government said on Wednesday it will deploy troops in cantons where under-pressure health services require support as coronavirus cases spike.
In coroavirus updates, infections in Switzerland due to the virus rose by over 10,000 cases in a day, data from Swiss health authorities showed.
The total confirmed cases in Switzerland and tiny neighbouring principality Liechtenstein increased to 192,376 and the death toll rose by 73 to 2,275.
The Swiss government said today that it will deploy troops in cantos where health services require support as cases spike.
For comments and feedback contact: editorial@rttnews.com
