The Swiss stock market ended on a strong note on Thursday, with steady buying momentum throughout the day. This uptick was largely driven by positive sentiment following recent U.S. data that increased expectations for potential interest rate cuts by the Federal Reserve later in the year.
The Swiss Market Index (SMI) concluded the session up by 160.26 points, marking an increase of 1.36% to reach 11,942.00, the highest level of the day.
Richemont was a standout performer, surging nearly 16.5% after announcing that its total sales for the third quarter increased by 10% to €6.15 billion. This represents its highest quarterly sales to date, compared to the previous year's €5.59 billion. At constant exchange rates, sales also saw a 10% uptick.
The company's retail sales rose 11% year-on-year to €4.38 billion, with online sales jumping 18%. Furthermore, wholesale and royalty income climbed 4%, reaching €1.35 billion. The quarter witnessed double-digit growth in regions including the Americas, Europe, the Middle East & Africa, and Japan.
Elsewhere, Swatch Group appreciated by 2.8%, Sandoz Group increased by 2.5%, and VAT Group ended the day 2.15% higher. Lindt & Sprüngli, Partners Group, and Roche Holding recorded gains of between 1% and 1.2%.
Additionally, UBS Group, Adecco, Swiss Re, Alcon, Lonza Group, Swisscom, Givaudan, and SIG Group closed with more modest gains of 0.5% to 1%.
On the downside, Geberit declined 3.2%, and SGS fell approximately 2.25%. Julius Baer, Straumann Holding, Sonova, and Zurich Insurance Group ended the day slightly lower.
The material has been provided by InstaForex Company -
www.instaforex.com
