Swiss Market Ends On Firm Note

(RTTNews) - The Switzerland market ended on a positive note on Wednesday after holding firm right through the day's trading as investors chose to pick up stocks after recent declines.

Slight hopes that U.S. President Donald Trump's announcement that the U.S. Navy would escort oil tankers through the Strait of Hormuz to safeguard maritime trade in the Gulf and help stabilize surging global energy prices, aided the upmove.

The Swiss benchmark SMI settled with a gain of 105.81 points or 0.79% at 13,510.74, after climbing to a high of 13,626.33 intraday.

Richemont climbed 2.3%, while VAT Group, Alcon, Helvetia Baloise Holding and Julius Baer moved up 1.8%-2.1%.

Partners Group, Zurich Insurance, Swiss Life Holding, Sandoz Group, Lonza Group, Amrize, Sonova, Holcim, ABB, SGS, Swiss Re, Novartis and UBS Group gained 1%-1.6%.

Geberit ended down by 1.1%, while Nestle and Straumann Holding closed lower by about 0.8% and 0.7%, respectively.

In economic news, Switzerland's consumer price inflation held steady for the second straight month in February, defying expectations for a decrease, the Federal Statistical Office reported Friday.

The consumer price index rose 0.1% on a yearly basis in February, the same as in the previous two months. Meanwhile, economists had expected a 0.1% decline.

Inflation based on housing and energy moderated from 0.8% to 0.7%. Meanwhile, the annual price decline in food and non-alcoholic beverages eased to 0.3% from 0.4%. Similarly, transport charges declined at a slower pace of 1.8% versus 2% in January.

On a monthly basis, consumer prices rose 0.6%, marking the quickest increase in a year, driven by higher costs for housing rentals and air transport. Economists were looking for a 0.5% rise.