Swiss Market Hits Another Record Closing High

(RTTNews) - The Switzerland stock market shrugged off a somewhat sluggish start and closed at a record high on Monday, as select counters saw some sustained buying in the session.

The mood continued to remain upbeat following the positive developments on the U.S.-China trade front paving the way for the signing of a phase one trade deal early January.

The benchmark SMI ended up 44.97 points, or 0.42%, at 10,724.34, a new closing high, after hitting a new all-time peak at 10,734.09.

On Friday, the index ended up 104.22 points, or 0.99%, at 10,679.37.

Swatch Group shares gained about 1.8%. Richemont ended up 1.3%.

Lonza Group, Swiss Life Holding, Geberit, Sika, Novartis, SGS, Nestle and LafargeHolcim gained 0.4 to 0.8%.

Roche Holding ended 0.6% up after the company said it has entered into a $1.15 billion licensing agreement with Sarepta Therapeutics to obtain the right to launch and commercialize Sarepta's gene therapy for Duchenne muscular dystrophy outside the United States.

Credit Suisse shares declined nearly 1% after the lender admitted it was behind instructions to carry out surveillance on a second executive, after dismissing a previous similar incident as an "isolated event".

The bank blamed former chief operating officer Pierre-Olivier Bouee, who it said hired detectives to track former HR head Peter Goerke in February. The bank earlier blamed Bouee for a similar incident involving former wealth manager Iqbal Khan.

In the midcap section, Dufry gained 2.2%. Temenos Group ended nearly 2% up. Georg Fischer and Bucher Industries closed stronger by 1.8% and 1.6%, respectively.

VAT Group, Dorma Kaba Holding, Lindt & Sp and OC Oerlikon Corp gained 1 to 1.4%.