Swiss Market Ends Weak
(RTTNews) - After a positive start and a subsequent retreat, the Switzerland stock market rallied higher Thursday morning, but slipped into the red around mid afternoon and finally ended the day's session on a weak note.
Weak earnings report from Credit Suisse weighed on the market.
The benchmark SMI, which climbed to 11,336.22 around noon, ended the session with a loss of 58.55 points or 0.52% at 11,217.73.
Credit Suisse tanked 14.73% as the bank posted its worst annual loss since 2008 and warned of more losses this year. The lender reported a pre-tax loss of more than 1.3 billion Swiss francs (about $1.4 billion) in the fourth quarter of last year, as its new managers vie to right the top-drawer Swiss bank that has faced a string of setbacks in recent years.
Sonova drifted down 3.52%. Zurich Insurance Group and Givaudan ended lower by 2.72% and 2.6%, respectively.
Lonza Group ended 1.43% down, and Nestle lost 1.25%. Roche Holding ended lower by 0.75%.
Swisscom rallied 3.4%. Richemont gained nearly 2%, and ABB ended 1.56% up. UBS Group, Geberit and Holcim gained 0.8 to 1%.
In the Mid Price Index, Zur Rose dropped 4.64%. Straumann Holdings and SIG Combibloc ended lower by 1.61% and 1.35%, respectively.
Kuehne & Nagel, Belimo Holding, Bachem Holding, Georg Fischer and Flughafen Zurich gained 1.8 to 3%. Clariant, PSP Swiss Property and Clariant also ended notably higher.
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