May 15, 2021

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Swiss Market Closes Weak

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VIXC Financial and Market News

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The Switzerland stock market, which stayed a bit sluggish for nearly a couple of hours Tuesday morning, kept sliding as the session progressed, weighed down by some weak earnings, and eventually ended notably lower.

The benchmark SMI ended down 70.01 points or 0.63% at 11,092.08. The index touched a high of 11,178.42 by mid morning.

UBS Group shares ended lower by about 2% after the lender reported an unexpected $774 million hit from the collapse of U.S. investment fund Archegos.

Swiss Life Holding shed 5.5% and Swatch Group declined 2.3%. Novartis, LafargeHolcim, Richemont and Swiss Re lost 1 to 1.6%.

Roche Holding, Nestle and Alcon ended with modest losses, while SGS, Geberit and Givaudan closed flat.

Credit Suisse moved up more than 3% and Sika gained 1.05%. ABB ended nearly 1% up as the Swiss engineering company unveiled plans to float its electric vehicle charging business.

Among the stocks in the Mid Price Index, Kuehne & Nagel shed about 2.2%, Vifor Pharma, Tecan Group, Galenica Sante, Helvetia, SIG Combibloc and Baloise Holding lost 1.4 to 1.85%.

BB Biotech, Lindt & Spruengli, Clariant, VAT Group and Dufry posted modest gains.

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2021-04-27 14:16:18

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