The Swiss market ended higher for a second straight session, as stocks rebounded after a weak start on Tuesday, lifted by news that the U.S. will be delaying tariff hikes on EU autos by about six months.
The benchmark SMI, which dropped to a low of 9,361.39 in the session, rallied sharply to settle at 9,480.76, gaining 76.68 points, or 0.82%.
On Tuesday, the index ended up 40.90 points, or 0.44%, at 9,408.48.
LafargeHolcim ended higher by about 2.75%, riding on strong results. The company reported a 15.5% increase in core operating earnings in the first quarter of this year.
Nestle ended higher by about 1.4% on strong quarterly results. Zurich Insurance gained 1.6%. Swiss Re, Sika, Swiss Life Holding, Givaudan and Lonza Group advanced by 1 to 1.4%.
Novartis gained nearly 1% after a Japanese government panel approved the company’s cancer treatment Kymriah at a price of 33.5 million yen.
Swisscom, ABB and Geberit also ended with solid gains.
Among other major markets in Europe, Germany ended on a high note, with its benchmark DAX rising 0.9%. The U.K.’s FTSE and France’s CAC 40 closed higher by 0.76% and 0.62%, respectively. The pan European Stoxx 600 ended up 0.46%.