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Swiss market records four consecutive days of defeats, ending at slightly higher

The Swiss stock market closed at a slightly higher price on Friday, and investors were looking for directions, so despite spending many of the day’s sessions in the red, they recorded four consecutive losses. ..

Persistent worries about the rise Coronavirus Cases and economic recovery weighed heavily on stocks. Benchmarks rose to a positive closing price with active purchases at several top counters in the minutes of the closing price. Positive retail sales data helped.

The SMI, which hit a low of 9,494.52 in the session, ended with a 31.01 point or 0.32% increase at the day’s high of 9,587.15. The index recorded a weekly loss of nearly 4.5%, down 4.8% compared to the previous four sessions.

Swiss Re, the top gain in the benchmark index, rose about 3.5%. The reinsurance giant said its capital position is very strong and well-equipped to benefit from improved market conditions.

LafargeHolcim and Zurich Insurance Group rose 1.2% and 1%, respectively. Swiss Life Holding, UBS Group, ABB and Novartis increased by 0.5-0.9%.

Richemont and Swisscom were down 1.1% and 1%, respectively, while Givaudan was down 0.72%.

In the mid-cap section, Straumann Holding increased by 3.15% and Julius Baer increased by nearly 2%. Vifor Pharma, PSP Swiss Property, VAT Group, Swiss Prime Site, Baloise Holding, Dufry, OC Oerlikon Corp and Helvetia increased by 1.3-1.8%.

SIG Combibloc, Temenos Group, Logitech and Barry Callebaut closed weakly, losing 0.9-1.4%.

In economic news, Swiss retail sales increased 0.3% year-on-year, adjusted for business days in September, according to data from the Federal Bureau of Statistics.

September food, beverage and tobacco sales increased 5.1% each year and non-food sector sales fell 2%. Data show that other consumer electronics, textiles, DIY and furniture increased 12.8%, and mail-order, home and internet sales increased 10.1%.

Seasonally adjusted retail sales for September fell 3.6% on a monthly basis. On a nominal basis, September retail sales increased 0.3% each year, down 3.6% from a month ago.

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