Swiss Market Ends On Strong Note

BRUSSELS (dpa-AFX) - The Switzerland market closed on a firm note on Thursday, in line with other markets in Europe, as easing concerns about inflation and rate hikes and possibility of a U.S.-Iran peace deal aided sentiment.The benchmark SMI, which stayed positive throughout the session, settled a…

The benchmark SMI, which stayed positive throughout the session, settled at 14,352.98, gaining 238.98 points or 1.69%.

Roche moved up nearly 4% as the drugmaker's KRAS drug tops its rivals in lung cancer trial. 'The superior survival demonstrated in this global head-to-head comparison of KRAS G12C inhibitors confirms the potential of divarasib to improve clinical outcomes for people with KRAS G12C non-small cell lung cancer,' said Levi Garraway, Roche's chief medical officer.

Sonova gained 3.1%, while Holcim and Julius Baer climbed 2.91% and 2.86%, respectively. Kuehne + Nagel, Lindt & Spruengli, Novartis, Alcon, Sika and Helvetia Baloise Holdings gained 2%-2.6%.

UBS Group surged nearly 2%. Nestle gained 1.89% and Givaudan closed 1.74% up, while Zurich Insurance, Amrize, Swiss Life Holding, Swisscom and Galderma Group ended higher by 0.8%-1.2%.

VAT Group closed 2.7% down. Straumann Holding shed about 2.5% and ABB closed nearly 1.5% down. Logitech International settled lower by 0.73%.

In economic news, Switzerland's consumer price inflation eased marginally in June after remaining stable in the previous month, the Federal Statistical Office said.

The consumer price index climbed 0.5% yearly in June as expected, slower than the 0.6% steady increase in May.

Excluding unprocessed food and energy, core inflation held steady at 0.3%.

On a monthly basis, consumer prices remained flat versus a 0.2% gain in May. Prices were expected to rise by 0.1%.