The Swiss stock market experienced a tough day of trading on Wednesday. Disappointing quarterly results from both Novartis and Lonza weighed heavily on the market. The SMI continued to erode over the course of the session and at times threatened to drop below the 6,000 point mark. The market managed to recover some ground in the afternoon, following the release of the U.S. housing data.
The Swiss Market Index fell by 36 points Wednesday and closed at 6,073, a loss of 1.01%. The Swiss Leader Index declined by 0.70% and the Swiss Performance Index dropped by 0.91%.
Shares of Novartis finished down by 2.5% Wednesday. The pharmaceutical company reported figures for 2011 that slightly exceeded expectations, but its outlook for 2012 disappointed investors.
Lonza sustained a loss of 13.2% Wednesday, after the company's weaker than expected quarterly report. The disappointing results prompted the dismissal of CEO Stefan Borgas. Chairman Rolf Soiron will temporarily take his place as CEO.
Another significant drag on the market today was shares of Roche. The stock declined by 2.8% after the company launched a hostile takeover bid for U.S. diagnostics company Illumina. The offer amount was around US$5.7 billion.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.