Swiss Market Closes Moderately Higher Amid Positive Economic Data
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Loading... - Ryan Griffin
- 07 Jan 2025
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The Swiss market experienced a moderate increase on Monday, closing higher in line with broader European trends, buoyed by positive data indicating an uptick in services sector activity across the region. Additionally, investor sentiment was supported by optimism surrounding the recovery of the Chinese economy, spurred by recent stimulus measures.
The benchmark Swiss Market Index (SMI) rose by 67.11 points, or 0.58%, finishing the day at 11,691.13, which marked the day's peak. Notable performers included VAT Group, which surged nearly 5%, followed by Logitech International with a gain of 3.85%, and Richemont, which closed up 3.6%. Other significant contributors to the index's rise included UBS Group and Sika, which increased by 2.64% and 2.25%, respectively. Straumann Holding and Swatch Group also saw gains of 1.82% and 1.75%.
Several other companies, including Lonza Group, Schindler Ps, Partners Group, Julius Baer, Holcim, ABB, SGS, and Geberit, also reported strong performances. However, Givaudan saw a decline of 1.44%, while Sonova and Nestle experienced slight drops of 0.7% and nearly 1%, respectively.
In terms of economic indicators, data from the Federal Statistical Office revealed that Swiss retail sales growth slowed more than anticipated in November, with a year-on-year increase of 0.8%, down from a stable 1.5% in October. This marked the fifth consecutive month of growth, although it fell short of economists' expectations of a 1.3% rise. On a month-to-month basis, retail sales dipped by 0.1% in November, contrasting with a 0.1% rebound in the previous month, and nominal retail turnover showed an annual decline of 0.3%.
