BRUSSELS (dpa-AFX) - The Switzerland stock market closed modestly higher on Friday after a cautious session as investors continued to closely follow the developments in the Middle East, where a solution to the ongoing conflict between Iran and the U.S. remains elusive.
The benchmark SMI, which briefly slipped into negative territory after a slightly positive start, recovered swiftly and stayed above the flat line to eventually settle with a gain of 46.96 points or 0.35% at 13,388.23.
Alcon climbed 2%. Novartis and Swiss Re moved up by 1.85% and 1.68%, respectively. Galderma Group, Kuehne + Nagel and Sandoz Group and Givaudan gained 1%-1.5%.
Givaudan gained 1%. The company announced today that it has reached an agreement to acquire a majority stake in Eurofragance, a pure play fragrance house based in Barcelona, Spain.
Roche, Lindt & Spruengli, Sonova, Helvetia Baloise Holding, Schindler Ps and Nestle posted modest gains.
VAT Group drifted down by about 2.5%. Logitech International ended 2.35% down and ABB closed lower by 1.84%.
Holcim, Lonza Group, Straumann Holding, Swiccom and Geberit also ended weak.
Data from Swiss National Bank showed the Swiss National Bank's foreign exchange reserves fell to CHF 711 billion in May from the upwardly revised CHF 716 billion in the prior month.
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