Swiss Market Ends On Firm Note

(RTTNews) - The Switzerland stock market suffered a setback of sorts Friday mid morning after a steady start and a subsequent positive spell, but after staying sluggish for over two hours, gained in strength to eventually close on a firm note.

Expectations of a rate cut by the U.S. Federal Reserve after Labor Department's monthly jobs data showed a less than expected increase in jobs in September helped lift sentiment in European markets today.

The benchmark SMI ended up 67.28 points, or 0.69%, at 9,827.72, after scaling a low of 9,749.48 and a high of 9,842.20 in the session.

On Thursday, the index ended with a small gain of 3.16 points, or 0.03%, after having lost about 3.25% in the previous two sessions.

Sika, the biggest gainer in the SMI index, closed stronger by 2.61%. Swisscom, Roche Holding, Geberit, Givaudan and Adecco gained 1.2 to 1.55%.

SGS, Swiss Life Holding, Nestle, Swatch Group, Novartis and Zurich Insurance Group ended with modest gains.

In the midcap section, AMS gained 2.05%. BB Biotech and PSP Swiss Property advanced by 1.7% and 1.6%, respectively. Logitech International, Kuehne & Nagel, Schindler Holding, Bucher Industries, Helvetia and Clariant ended higher by 1 to 1.4%.

The other major markets in Europe too ended with solid gains on hopes global central banks will step up stimulus to support economic growth.

The pan European Stoxx 600 ended up 0.73%. The U.K.'s FTSE 100 moved up 1.1%, France's CAC 40 gained 0.91% and Germany's DAX advanced 0.73%.