Switzerland’s stock market ended on a solid note on Monday, tracking gains elsewhere markets in Europe, despite concerns about rising inflation and looming rate hikes.
Investors also digested a report showing weaker-than-expected retail sales growth in Switzerland in September.
The benchmark SMI, which dipped to 10,746.19 around mid-morning, ended the session up 55.56 points, or 0.52%, at 10,827.93, down from the day’s high of 10,850.31.
Credit Suisse rose 5.2% after the Swiss bank revealed details of a plan to raise 4 billion Swiss francs in capital.
Swisscom was up 1.75%, Swiss Life Holding was up 1.4% and Nestle was up 1.2%. Holcime and Novartis were up just over 1%, while Zurich Insurance Group was up 0.85%.
Givaudan and Logitech were lower by about 1.55%. Swiss Re fell 1.35%, while Geberit and UBS Group lost 0.82% and 0.44% respectively.
Among shares in the Swiss index of average prices, Zur Rose rose by 3.2%. Dufry and Flughafen Zurich grew by 2.5% and 2.4% respectively.
Adecco, Temenos Group, Galenica Sante, Straumann Holding, Lindt & Spruengli, Roche Holding and Barry Callebaut rose between 0.9 and 1.6%.
Ems Chemie Holding fell by 3.8%. Clariant, SIG Combibloc, Schindler Holding, VAT Group and Schindler Ps lost between 1.1 and 1.7%.
Data from the Federal Statistical Office showed that retail sales in Switzerland rose for the fourth month in a row in September, albeit at a slower pace than expected.
Adjusted for sales days and holidays, retail sales rose 3.2% year-on-year in September, faster than a revised 2.1% rise in August. This is slightly below the 3.3% growth expected by economists.
Sales of non-food products rose 5% year-on-year in September, while sales of food, beverages and tobacco were unchanged, the agency said. Retail turnover, excluding STA, increased in September by 2.9% compared to last year.
In monthly terms, retail sales in September grew steadily by 0.9%. This was the second monthly increase in a row.
In nominal terms, retail turnover in September increased by 5.7% year-on-year and by 1% month-on-month.
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