Swiss Market Ends Marginally Up

The Switzerland stock market ended marginally up on Wednesday after moving in a tight range with investors largely staying cautious and making stock specific moves.

Worries about economic slowdown and uncertainty about the pace of interest rate hikes rendered the mood cautious.

The benchmark SMI ended with a gain of 20.16 points or 0.18% at 11,094.46 after moving between 11,066.04 and 11,104.13.

Givaudan climbed 2.21% and Swiss Re advanced 1.8%. Richemont, Geberit, Sika and Lonza Group gained 1 to 1.3%.

Logitech, Roche Holding, Swiss Life Holding and Nestle posted modest gains.

Novartis ended lower by 1.76%. Credit Suisse shares plunged more than 6% after the embattled Swiss lender said it would book a loss of up to 1.5 billion Swiss francs ($1.6bn) for the fourth quarter.

Among the stocks in the Swiss Mid Price Index, Tecan Group, VAT Group and Straumann Holding gained 2.5% and 2.65%.

Zur Rose, Belimo Holding, Lindt & Spruengli, SIG Combibloc, Baloise Holding, Kuehne & Nagel and Helvetia gained 0.8 to 1.3%.

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