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Swiss Market Ends Moderately Lower
(RTTNews) - Despite a decent spell in positive territory till about an hour before noon, the Switzerland market turned weak and kept drifting lower as the session progressed on Thursday to eventually settle with a moderate loss.
The benchmark SMI, which climbed to 11,983.61, dropped to a low of 11,823.21 and finally settled at 11,836.00, recording a loss of 95.98 points or 0.8%.
Straumann Holding tumbled more than 7%. Amrize ended 3.05% down. Richemont and SIG Group closed lower by about 2.6% and 2.4%, respectively. Sika, Sandoz Group, VAT Group and Partners Group lost 2 to 2.2%.
UBS Group and Alcon drifted down 1.68% and 1.54%, respectively. Givaudan, Julius Baer, Kuehne + Nagel, Novartis, Sonova and Adecco lost 0.7 to 1%.
Logitech International climbed about 1.7%. Lindt & Spruengli, Zurich Insurance, Swiss Re, Holcim and Swiss Life Holding gained 0.3 to 0.5%.
In economic news, data from the Federal Statistical Office showed Swiss retail sales growth accelerated for the first time in six months in June, climbing up 3.8% year-on-year, much faster than the 0.3% rise in May. The expected increase was only 0.2%.
Monthly, retail sales rose 1.5% in June after falling 0.4% in May. Moreover, this was the first increase in five months.
In nominal terms, retail turnover climbed 3.3% from last year.
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