October 23, 2020

Market and Financial News Aggregator

Swiss Market Closes Sharply Lower

1 min read

The Switzerland stock market tumbled on Monday, in line with markets across the globe, amid mounting worries about surging coronavirus cases and fears of lockdown measures in several parts of Europe.

Continued impasse over a U.S. coronavirus relief package and growing uncertainty about economic recovery hurt.

Key bank stocks tumbled due to a sell-off in the banking space in markets across Europe amid allegations of illegal accounts and funds transfers by several leaders over nearly two decades.

The benchmark SMI, which opened with a negative gap, ended down 213.72 points or 2.03% at 10,325.44, nearly 50 points off the day’s low of 10,276.50.

Adecco, Credit Suisse and UBS Group lost 6 to 7%. Swiss Re ended nearly 5% down. LafargeHolcim, Alcon, Swiss Life Holding, ABB, Zurich Insurance Group and Richemont declined 3.5 to 4.5%.

Novartis, Roche Holding, Sika, Swatch Group and SGS also ended sharply lower.

In the midcap section, Dufry ended more than 9% down. Julius Baer, Vifor Pharma, Helvetia, Dorma Kaba Holding, Straumann Holding, Temenos Group and AMS tumbled 4 to 6%.

Logitech bucked the trend and gained about 1.2%. Sunrise Communications edged up marginally.

Among the other major indices in Europe, the pan European Stoxx 600 tumbled 3.24%. The U.K.’s FTSE 100 slid 3.38%, Germany’s DAX fell 4.37% and France’s CAC 40 declined 3.74%.

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2020-09-21 14:13:38

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