BRUSSELS (dpa-AFX) - The Switzerland stock market ended modestly higher on Wednesday, bucking the largely negative trend seen across Europe. Data revealing an improvement in Swiss economic growth in the month of December aided sentiment.
After opening slightly higher, the market remained in positive territory right through the session, although it moved in a tight band not far above the flat line.
The benchmark SMI ended with a gain of 21.47 points or 0.2% at 10,703.51, after moving between 10,685.94 and 10,749.68.
Novartis moved up 1.4%. Roche Holding advanced 0.7%, while Swiss Life Holding and LafargeHolcim gained 0.45% and 0.4%, respectively.
Partners Group slid 1.05%. Sika, Richemont, UBS Group, Swisscom and Nestle lost 0.3 to 0.7%.
In the midcap section, Tecan Group gained 3.15% and Helvetia climbed 1.6%. OC Oerlikon Corp, Logitech and Vifor Pharma posted modest gains.
Flughafen Zurich, VAT Group, Ems Chemie Holding, Clariant, Adecco and Straumann Holding lost 1 to 2.3%.
Survey data from the KOF Swiss Economic Institute showed than an indicator of future turning points in the Swiss economy improved in December, but continued to signal subdued activity into next year in the backdrop of the coronavirus pandemic.
The KOF Economic Barometer rose to 104.3 from 103.7 in November. Economists had forecast a score of 100.5.
'The sharp declines that the barometer underwent in early 2020 have been offset by a rapid recovery during the summer,' the KOF said. 'However, the prospects for the Swiss economy remain subdued at the beginning of 2021 due to the ongoing pandemic,' the think tank added.
In December, the modest improvement was led by several indicators from the manufacturing sector and private consumption. Indicators for the financial and insurance service sector also contributed.
Copyright RTT News/dpa-AFX