Swiss Market Ends On Strong Note Ahead Of Holidays

(RTTNews) - The Swiss market shrugged off a slightly weak start on Monday and kept moving higher as the session progressed and eventually closed on a strong note.

The benchmark SMI, which edged down to 11,362.68 in early trades, closed up 103.36 points or 0.91% at 11,488.28, slightly off the day's high of 11,497.71.

The Swiss market will remain closed from Tuesday to Thursday (December 24 to 26) this week for Christmas holidays.

Logitech International, Holcim, Roche Holding, Swiss Re, UBS Group, Kuehne + Nagel, Swiss Life Holding, Zurich Insurance, Novartis and Sika closed higher by 1 to 1.6%.

UBS Group gained 1.35% on reports the company is considering revamping some of its business activities in France, citing a "less favorable" market environment and following the integration of Credit Suisse into the Swiss bank. The company is reportedly presenting the plan to its works council.

Richemont, Givaudan, Lindt & Spruengli, ABB, VAT Group, Partners Group, Alcon, Swisscom and SIG Group gained 0.5 to 1%.

Geberit, Schindler and Sandoz Group closed slightly weak.

A report from UBS & CFA Societey said the Swiss investors' sentiment index dropped by 7.6 points from the previous month to -20 in December, markits its fifth consecutive month in negative territory and the steepest decline in the sequence.