Swiss Market Ends On Weak Note
(RTTNews) - After staying positive till about an hour past noon, the Switzerland market dropped into negative territory on Wednesday, and eventually ended the day's session moderately lower.
Data showing a drop in Swiss investors' sentiment, caution ahead of some crucial economic data from the U.S. and uncertainty about Fed interest rates weighed on stocks.
The benchmark SMI, which advanced to 12,163.23 around mid morning, ended the day with a loss of 70.59 points or 0.58% at 12,015.72.
Lindt & Spruengli lost about 3%. Richemont ended down by 1.52% amid speculation about a potential takeover of the company after Bernard Arnault, founder and chief executive of French luxury group LVMH, reportedly acquired a small personal stake in Richemont. Roche Holding, Nestle and Zurich Insurance ended lower by 1 to 1.52%. Swatch Group declined nearly 1%.
Swiss Re, UBS Group, Schindler Ps, Partners Group, Julius Baer, Swisscom and Logitech International also ended weak.
Straumann Holding climbed about 2.75%. Sonova, Sika, SIG Group and Kuehne & Nagel gained 1 to 1.25%. VAT Group and Lonza Group ended higher by 0.8% and 0.56%, respectively.
In economic news, a report from UBS & CFA Society said the Swiss investors' sentiment index fell by 0.7 points from the previous month to 17.5 in May, down from a two-and-a-half-year high of 18.2 in April.
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