(RTTNews) – The Swiss market experienced a brief boom in positive territory on Thursday morning after an almost flat start, but then slipped into the red and finally closed the session with modest gains.
The growth of most key stocks has been slow, as investors have been cautious before the long weekend, digesting the news of the coronavirus pandemic and reacting to the massive Federal Reserve stimulus program.
The SMI benchmark index ended up 20.44 points, or 0.22%, at 9,452.83. The index, which rose to 9,550.37, fell to a low of 9,321.93 in the middle of the afternoon.
Credit Suisse and the UBS group finished up 5.6% and 4.4% respectively. Credit Suisse and UBS have announced that they have decided to pay part of their dividend for 2019 later this year after financial market regulator FINMA criticized their decision to maintain full payment during the financial crisis. coronavirus.
FINMA later declared that it welcomed the decision by UBS and Credit Suisse to pay half of their dividends for 2019 in the fourth quarter of 2020 despite their strong capital decisions.
Swiss Re finished up 3.3%, while Sika and LafargeHolcim both gained almost 3%. Swiss Life Holding, ABB and Alcon increased by 2 to 2.6%, while Adecco and Zurich Insurance Group finished up by 1.9% and 1.8% respectively.
Nestlé, Geberit and Roche Holding ended sharply lower.
The Swiss government said on Wednesday that it plans to relax the restrictions currently in place to fight the new coronavirus starting in late April. The government added that the economic damage from the epidemic could be the worst ever recorded.
Optimism that the coronavirus infection curve is starting to retreat in several parts of the continent has contributed to gains in major European markets.
The US Federal Reserve’s massive $ 2.3 trillion stimulus package to help limit the impact of the coronavirus pandemic on the world’s largest economy has also helped.
The pan-European Stoxx 600 jumped 1.57%. The UK FTSE 100 climbed 2.9%, the German DAX 2.24% and the French CAC 40 1.44%.
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