BRUSSELS (dpa-AFX) - The Switzerland market ended on a positive note on Monday amid easing concerns about inflation and the outlook for interest rates. Easing fears of a wider Middle East conflict contributed as well to improved risk sentiment.
The benchmark SMI,which spent much of the day's session in negative territory, ended with a modest gain of 31.37 points or 0.28% at 11,327.77. The index touched a low of 11,256.40 and a high of 11,338.97 in the session.
Kuehne & Nagel, up 2.29%, was the top gainer among SMI components. Novartis and Sonova, both gained 2.14%. Roche Holding and Swiss Re ended higher by 1.67% and 1.2%, respectively.
Alcon, Lonza Group, Swiss Life Holding, Zurich Insurance Group and Sika gained 0.6 to 1%.
Nestle, ABB and UBS Group ended lower by 1.47%, 1.25% and 1.21%, respectively. Partners Group ended 0.67% down.
Sandoz, up 5.12%, was the top gainer in the Mid Price Index, as UBS raised the stock's rating.
According to UBS analysts, the Swiss pharmaceutical company's drug adalimumab is likely to gain better-than-expected market share due to strong levels of buyer access.
Baloise Holding rallied about 3.4% and Ems Chemie Holding gained nearly 2%. Helvetia, Adecco, Avolta and Straumann Holding gained 1.5 to 1.7%.
Swatch Group, Clariant, Galenica Sante and Barry Callebaut also ended notably higher.
Tecan Group ended down 3.18%, VAT Group drifted down 2.1% and Temenos Group closed lower by 1.52%. Lindt & Spruengli and BKW ended down 1.34% and 1.13%, respectively.
The Swiss National Bank raised the minimum reserve requirement for domestic banks, which is set to reduce its payout. The SNB lifted the minimum reserve ratio to 4% from 2.5%
The SNB said liabilities arising from cancellable customer deposits will be fully included in the calculation of the minimum reserve requirement. The changes will take effect on July 1.
Last month, the Swiss central bank unexpectedly reduced its benchmark rate and became the first major central bank to ease the policy in the current cycle. The policy rate was cut by 25 basis points to 1.5%.
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