Swiss stock exchange picks up despite chaotic UK, Novartis leads the rally


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Swiss stock exchange picks up despite chaotic UK, Novartis leads the rally

Despite a number of malevolent factor re-jigging over the lender-based Swiss economy, which had also entered into a technical recession last week, the Swiss Stock Exchange had significantly bolstered over the last financial week ending at May 24th.

In the face of an ongoing turmoil twisting the Brexit debate amid PM May’s resignation and a ten-month-long trade dispute between US and China, that had the potentiality to turn into a cold war over trade, the Swiss lending index SMI had been lifted up by 0.9 percent last week to 9676 points.

Over the last week, the long-awaited rally on Swiss Stock Exchange was almost entirely led by the gains of pharmaceutical company, Novartis, with an addition of 2.5 points by the end of the week, while its arch-rival, Roche had posted a gain of 1.1 percent.

Among the last week’s losers, there had been heavyweight Nestle with close ties with UK economy and some cyclical goods company, likes of Swatch and Geberit. The bank shares had trodden water last week, while shares of the private bank, Julius Bär yielded, had posted a loss just a notch shy of 1 percent, and shares of the grief-sickened packaging manufacturer, Airopack lost more than 75 percent to round off the week at 0.055 Swiss Franc.