November 30, 2020

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Swiss Market Snaps 7-day Winning Streak, Settles Moderately Lower

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The Switzerland stock market ended moderately lower on Tuesday, as investors chose to take some profits after seven successive days of gains.

Worries about rising coronavirus cases in the country and the likely impact on economic recovery too contributed to market’s decline.

The benchmark SMI ended down 57.30 points or 0.55% at 10,360.69, about 50 points off the session’s low of 10,310.42.

Lonza Group shares tumbled more than 7%. Partners Group and Alcon both ended lower by about 3.6%, while Sika and Richemont lost 2.2% and 2%, respectively.

Givaudan declined 1.9% and Roche Holding slid 1.8%. Nestle and Geberit lost 0.95% and 0.8%, respectively.

SGS shares gained about 5.6%. The inspection group said it is buying Synlab’s analytics & services unit for 550 million euros and that the acquisition would be fully funded from existing financial resources.

SGS also said that organic trading from July-October declined 3.8%, though the fall in September and October was less than 2%.

LafargeHolcim and Credit Suisse moved up 4.8% and 4.6%, respectively.

Swiss Re gained 3.5%, Swiss Life Holding advanced 3.35%, Zurich Insurance Group rallied 2.3% and UBS Group ended with a gain of 1.6%.

In the Mid Price Index, VAT Group declined 7.2%. AMS slid 5.25%, while Logitech, Kuehne & Nagel and Galenica Sante lost 2.4 to 2.7%.

Schindler Ps, Sonova and Schindler Holding lost 1.4 to 1.7%, while Straumann Holding and Tecan Group ended both ended lower by about 0.9%.

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2020-11-10 13:40:04

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