BRUSSELS (dpa-AFX) - The Switzerland stock market ended on a firm note on Wednesday, extending gains to a third successive session, with investors betting on some strong second quarter results.
The benchmark SMI ended up 91.49 points, or 0.93%, at 9,942.01, after scaling a low of 9,862.02 and a high of 9,995.36.
The index ended with a gain of 0.43% on Tuesday, after having moved up by 0.47% a session earlier.
Despite a 11.3% drop in first-half 2019 profit, Swatch Group shares rose nearly 6% after the company said it expects strong growth in the second half of 2019, due to continuing solid demand in the most important markets. The company said the second half of 2018 was characterized by a poor fourth quarter.
The launch of numerous innovative new products by the brands in all price segments will further stimulate sales, the company said and added that the successfully implemented e-commerce, especially in the middle and basic segment, will generate dynamic growth in the second half of the year.
Novartis gained about 1.85%. Nestle, Richemont and SGS advanced by 1.2 to 1.35%. Zurich Insurance Group, Roche Holding, LafargeHolcim, Swiss Life Holding, Swisscom and Swiss Re posted modest gains.
Credit Suisse, ABB and UBS Group closed lower by 0.5 to 0.9%.
Most of the markets across Europe ended weak on Wednesday as growth worries resurfaced after U.S. President Donald Trump said the U.S. and China have 'a long way to go' for any deal to happen and that his administration might impose tariffs on an additional $325 billion worth of Chinese goods.
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