Swiss Market Extends Losses To 4th Straight Day, Ends Notably Lower

The Switzerland stock market ended notably lower on Tuesday after spending the entire session in negative territory amid concerns about continued rise in coronavirus cases in the country and in several parts across Europe.

The benchmark SMI ended with a loss of 144.08 points or 1.15% at 12,366.73, losing for a fourth straight session. The index touched a low of 12,336.86 in the session.

Partners Group and Lonza Group tumbled nearly 5% and 4.7%, respectively. Geberit, Givaudan and Roche Holding lost 2.5 to 3.3%.

Alcon, SGS, Sika, Richemont and ABB drifted down 1.3 to 2%.

Novartis, Credit Suisse and Holcim gained 0.9 to 1.1%, while Swiss Re, Swisscom and Zurich Insurance Group ended modestly higher.

In the Mid Price Index, Tecan Group plunged more than 7% and VAT Group declined 6.1%. Kuehne & Nagel ended 5.6% down and SIG Combibloc shed nearly 5%.

SIG Combibloc, Vifor Pharma, Georg Fischer, Swatch Group, Ems Chemie Holding and BB Biotech lost 2.5 to 4%.

Shares of specialty chemicals group Clariant AG shed 2.8% after the company set out new mid-term targets. The company announced new 2025 financial targets associated with its new purpose-led strategy. The company expects to grow sales by 4% to 6% annually, reach an EBITDA margin range of 19% to 21% and generate a free cash flow conversion rate of around 40% by 2025.

According to the Federal Office of Public Health, Switzerland saw more than 6,300 new coronavirus cases within the past 24 hours.

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