Swiss Market Ends Notably Lower On Weak Global Cues

The Switzerland stock market ended on a very weak note on Friday after languishing in the red right through the day's session as worries about slowing growth, rising interest rates and the impact of the ongoing war in Ukraine and the sanctions on Russia rendered the mood bearish.

The benchmark SMI ended with a loss of 146.85 points or 1.24% at 11,730.42, nearly 60 points off the day's low of 11,671.48.

Givaudan and Sika both ended lower by about 4.75%. Geberit and SGS both shed about 3.7%. Lonza Group and Richemont lost 2.8% and 2.5%, respectively.

ABB, Alcon, Logitech, Swiss Life Holding, Nestle and Credit Suisse also ended notably lower, while Swiss Re and Swisscom gained 0.55% and 0.4%, respectively.

Among the stocks in the Swiss Mid Price Index, Bachem Holding tumbled 5.6%. BB Biotech ended nearly 5% down, while Kuehne & Nagel, VAT Group, Ems Chemie Holding, AMS, Flughafen Zurich, Straumann Holding and Tecan Group lost 2 to 3.7%.

Lindt & Spruengli, Dufry, Adecco, Georg Fischer, Barry Callebaut, Clariant and Sonova also ended notably lower.

Temenos Group rallied about 4%. Zur Rose climbed 1.8%, while Galenica Sante and PSP Swiss Property gained 0.9% and 0.65%, respectively.

Data released by the State Secretariat for Economic Affairs, or SECO, showed Switzerland's unemployment rate remained unchanged in April, coming in at a seasonally adjusted 2.2%, same as seen in March. This was in line with economists' forecast.

On an unadjusted basis, the jobless rate declined marginally to 2.3% in April from 2.4% in the previous month.

The number of registered unemployed decreased by 5,109 persons to 104,391 in April from 109,500 in the prior month.

The unemployment rate among the youth aged between 15 and 24, decreased to 1.6% in April from 1.8% in the preceding month.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT