Switzerland's benchmark SMI sailed past the 11,000 mark and hit a new all-time high on Wednesday, as stocks rallied sharply on sustained buying interest as concerns over the impact of the coronavirus outbreak on the global economy faded slightly.
Reports that some breakthroughs have been made in the developments of treatment for the virus aided sentiment and drove stock prices across global markets.
Data showing an improvement in consumer sentiment in Switzerland too contributed to the gains in the Swiss market.
The SMI hit a record high of 11,006.72 and ended the day with a gain of 193.51 points, or 1.79%, at 10,994.15.
ABB ended stronger by 4.8% thanks to strong fourth quarter earnings reported by the company.
Roche Holding shares gained about 3.1%. Swiss Life Holding, UBS Group, Alcon, SGS, Geberit, Sika, Zurich Insurance Group, Credit Suisse, Richemont and Novartis gained 1.5 to 2.1%.
Swiss Re, Adecco, Nestle and Givaudan also ended on a firm note.
In the midcap section, AMS gained more than 3.5%. Straumann Holding, Dufry, OC Oerlikon Corp, Bucher Industries and Flughafen Zurich ended higher by 2 to 2.6%.
Georg Fischer, Temenos Group, Baloise Holding, Helvetia, Kuehne & Nagel, Clariant, Sonova, Partners Group, Ems Chemie Holding and Julius Baer gained 1.3 to 2.7%.
According to survey results from the State Secretariat for Economic Affairs, or SECO, Swiss consumer confidence improved in the first quarter as households were more positive about economic situation and labor market.
The consumer sentiment index rose to -9.4 in the first quarter from -10.3 in the preceding period.
The outlook for future economic situation advanced sharply to -7.1 from -19.1 a quarter ago. The indicator for past financial situation declined to -14.2 from -10.9.
The assessment of future financial situation deteriorated in January, with the index falling to -8 from -2.9. At the same time, the likelihood of making major purchases remained unchanged at -8.3.
The survey results also showed a significant increase in the anticipated price development, which may have been partly due to the rapid and considerable rise in oil prices.
Markets across Europe closed higher. Among the major indices, Germany's DAX ended up 1.48%, France's CAC 40 gained 0.85% and the U.K.'s FTSE 100 gained 0.57%. The pan European Stoxx 600 climbed 1.23%.
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