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Swiss Market Ends Marginally Up

RTTNews | il y a 21h 56min

Swiss Market Ends Marginally Up

(RTTNews) - The Switzerland market ended marginally up on Thursday after a choppy ride as stocks swung between gains and losses right through the day's trading session.

The benchmark SMI closed up by 12.08 points or 0.1% at 12,219.20. The index, which advanced to 12,253.69 around mid morning, touched a low 12,169.97 about an hour past noon.

Richemont climbed about 1.7%. Logitech International gained 1.25%. ABB, Nestle, Sonova, Holcim, UBS Group,Sika, SIG Group and Adecco ended higher by 0.31% to 1.1%.

Swisscom and Alcon closed down by 2.87% and 2.72%, respectively. Swatch Group drifted down by 1.8%.

Kuehne + Nagel ended 1.34% down. Geberit, VAT Group, Roche Holding, Swiss Life Holding, Lonza Group and Novartis lost 0.4 to 0.8%.

In economic news, the Swiss economy expanded modestly in the second quarter, as estimated earlier, and higher U.S. tariffs are set to push down growth prospects, the State Secretariat for Economic Affairs said.

Gross domestic product grew 0.1% from the first quarter, unchanged from the flash estimate. Growth softened notably from 0.7% in the first quarter.

Industrial value added and exports declined sharply, while the service sector supported broad based growth in the second quarter, the SECO said.

On a yearly basis, economic growth eased to 1.6% from 2% in the first quarter.

A measure signaling future turning points in the Swiss economy decreased more than expected in August, the results of a survey by the KOF Swiss Economic Institute showed.

The economic barometer dropped to 97.4 in August from 101.3 in the previous month. The expected reading was 98.0.

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