Swiss Market Ends On Strong Note

(RTTNews) - Swiss stocks closed on a buoyant note on Friday, tracking gains in global markets amid optimism several central banks will start cutting interest rates soon.

The benchmark SMI, which stayed firm right through the day's session, ended with a gain of 151.49 points or 1.31% at 11,753.70, slightly off the day's high of 11,761.78.

Sandoz Group shares gained 3.33%. Julius Baer advanced nearly 3%. Swiss Re, UBS Group, Holcim and VAT Group ended higher by 2.15 to 3%.

Novartis and Richemont, both climbed nearly 2%. Novartis said that its Scemblix received breakthrough therapy designation from the US Food and Drug Administration for the treatment of newly diagnosed Philadelphia chromosome-positive chronic myeloid leukemia in chronic phase.

Partners Group, Roche Holdings, Swiss Life Holding, Sonova, ABB, SIG Group, Lindt Spruengli and Nestle gained 1 to 1.7%.

Adecco rallied more than 4.5%. ams OSRAM gained 4.5%. Avolta gained 2.79%, while BKW, Barry Callebaut and Georg Fischer ended higher by 1.3 to 1.8%.

Givaudan and Kuehne & Nagel ended moderately lower. Straumann Holding, Swatch Group, SGS and Schindler Ps edged down marginally.