Swiss Market Ends Higher For 2nd Straight Day

(RTTNews) - The Switzerland market closed higher on Friday, tracking positive cues from other European markets amid hopes the Federal Reserve will cut interest rate next week, and possibly announce more reductions before the end of the year.

The benchmark SMI, which moved between 12,022.46 and 12,077.91, ended with a modest gain of 54.94 points or 0.46% at 12,037.28.

Straumann Holding climbed 3.78%. Lonza Group gained 2.25%, while Holcim and Partners Group, both ended higher by about 1.85%.

UBS Group, VAT Group, Logitech International, Geberit and Julius Baer gained 1 to 1.55%.

Roche GS gained about 1% following news that its subcutaneous anti-PD-(L)1 cancer immunotherapy Tecentriq Hybreza obtained approval from the US Food and Drug Administration.

Richemont, Zurich Insurance and Sika all ended nearly 1% up. Lindt & Spruengli, Roche Holding, Swisscom and Swiss Re posted moderate gains.

Kuehne + Nagel dropped about 2.2%. Alcon ended 1.65% down. Nestle, Novartis and SIG Group declined marginally.