{"id":10348,"date":"2021-06-01T18:30:08","date_gmt":"2021-06-01T18:30:08","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/06\/01\/swiss-market-ends-on-bright-note-after-hitting-new-record-high\/"},"modified":"2021-06-01T18:30:08","modified_gmt":"2021-06-01T18:30:08","slug":"swiss-market-ends-on-bright-note-after-hitting-new-record-high","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/06\/01\/swiss-market-ends-on-bright-note-after-hitting-new-record-high\/","title":{"rendered":"Swiss Market Ends On Bright Note After Hitting New Record High"},"content":{"rendered":"
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The Switzerland stock market hit a fresh record high on Tuesday and posted a new closing high as well, as the mood remained upbeat amid rising optimism about global economic recovery.<\/p>\n

Data showing a sharp jump in Swiss retail sales in the month of April contributed as well to the bullish mood in the market.<\/p>\n

The benchmark SMI, which rose to 11,501.35, ended the session with a strong gain of 71.43 points or 0.63% at 11,434.88.<\/p>\n

Holcim and Richemont surged up 2.75% and 2.65%, respectively. Lonza Group, Swatch Group, UBS Group, Credit Suisse, Alcon and ABB gained 1.2 to 1.6%.<\/p>\n

Swiss Life Holding advanced nearly 1%. Geberit, Sika, Zurich Insurance Group and Swiss Re also ended notably higher.<\/p>\n

Partners Group shed about 0.8% and SGS ended 0.36% down, while Roche Holding and Nestle ended flat.<\/p>\n

In the Swiss Mid Price Index, Dufry, up 2.5%, was the top gainer. Adecco gained about 2.15%, while AMS, OC Oerlikon Corp, VAT Group, Julius Baer, Georg Fischer and Logitech gained 1.6 to 2%.<\/p>\n

On the other hand, Tecan Group, Sonova and Temenos Group declined by more than 1%. Barry Callebaut and Lindt & Spruengli shed 0.97% and 0.87%, respectively.<\/p>\n

On the economic front, preliminary data from the Federal Statistical Office showed Switzerland’s retail sales increased in April, growing by 35.7% year-on-year. <\/p>\n

Sales of food, beverages and tobacco gained 13.3% yearly in April and those of non-food sector surged 73.5%, the data showed.<\/p>\n

On a monthly basis, seasonally adjusted retail sales declined 4.4% in April. In nominal terms, retail sales increased 34.8% annually in April and fell 4.3% from a month ago.<\/p>\n

The latest nominal annual growth in retail sales was the sharpest since the start of the series in January 2000, the agency said.<\/p>\n

Meanwhile, Switzerland has further relaxed its Covid-19 restrictions following a drop in infection rates, and an acceleration in vaccination rollout across the country.<\/p>\n

According to fresh guidelines, restaurants can open indoor and outdoor areas, the requirement to work from home has been downgraded to a recommendation, and public events can be held with larger numbers than before. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n