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Despite experiencing a slight decline mid-afternoon, the Swiss market ended with a slight increase on Thursday, gaining support in the final minutes of the trading day.
The benchmark Swiss Market Index (SMI) climbed by 24.72 points or 0.21% to close at 11,730.43, marking the index's third consecutive day of growth. Although it briefly dipped to 11,687.14, the SMI managed to recover and close positively.
Notable gains were seen from Roche Holding and Logitech International, which rose 1.3% and 1.28% respectively. Other companies such as Holcim, Lonza Group, Novartis and Richemont saw increases ranging from 0.7% to 1%.
Other stocks including Sika, Partners Group, Kuehne & Nagel and Zurich Insurance Group showed modest growth.
However, the UBS Group saw a decrease of 1.81%. Sonova, Swiss Re, Swisscom and Alcon also ended with losses between 0.6% to 0.72%, with ABB and Nestle closing a bit lower as well.
In the Mid Price Index, Avolta saw a significant increase of 5.3%, while Sandoz grew by about 2.3%. Lindt & Spruengli, Barry Callebaut and Tecan Group all grew between 1.4% to 2%.
Adecco saw a gain of 1.02%, while SIG Group, Swatch Group, Ems Chemie Holding, Galenica Sante and PSP Swiss Property all grew between 0.4% to 0.7%.
On the other hand, Meyer Burger Tech experienced a sharp drop of 21%. Similarly, ams OSRAM AG decreased by 4.56%, while Temenos Group and Flughafen Zurich saw a drop of 1.4% and 1.1% respectively.
On the economic front, a survey conducted by the KOF Swiss Economic Institute showed a slight decline in the measure indicating future turning points in the Swiss economy in March. Despite this, the economic barometer remains positive as it is still above its long-term average. The barometer decreased to 101.5 in March from an upwardly revised 102.0 in February, defying economists' predictions for it to remain stable at 102.0. However, the KOF stated that the Swiss economy's outlook is still positive as the index stabilizes above its long-term average.