Plus   Neg

Swiss Market Ends Weak

Except for a few minutes in early trades, the Switzerland stock market was down in negative territory on Thursday, as investors largely chose to stay on the sidelines amid lingering worries about trade and economic growth.

The benchmark SMI, which declined to a low of 9,774.33, ended the session with a loss of 42.61 points, or 0.43%, at 9,805.50.

Lonza Group, Swisscom and Alcon ended lower by 1.2 to 1.4%. Novartis shed 0.9%, Roche Holding Group lost 0.7% and Nestle ended down 0.5%.

Credit Suisse ended stronger by about 1.5% and UBS Group advanced 1.36%.

Among the stocks in the Swiss Mid Price index, Dorma Kaba Holding plunged more than 8%.

Surise Communications declined nearly 6.5% after the company escalated its defence of its planned takeover of Liberty Global's Swiss unit UPC, citing additional synergies. The company also blasted a shareholder for fighting the deal.

It also reported results for the second quarter and tightened its adjusted EBITDA guidance range to 618-628 million Swiss francs from 613-628 million.

Temenos Group shed 2.4%, while Vifor Pharma and BB Biotech ended lower by 1.3% and 1.2%, respectively. Georg Fischer and Julius Baer gained 1.5% and 1.23%, respectively.

On the economic front, Swiss industrial production grew at a faster pace of 4.8% (year-on-year) in the second quarter, the Federal Statistical Office reported Thursday. In the previous quarter output rose 4.5%.

Data showed that industrial production climbed 5.7% in June, 4.9% in May and 3.8% in April.

At the same time, industrial turnover logged an annual increase of 3.4% in the whole of the second quarter. Turnover gained 3.2% in June, 3.7% in May and 3.3%

In the second quarter, construction output declined 2.2% and construction turnover was down 1.6%.

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