Swiss Market Settle Moderately Lower
(RTTNews) - The Switzerland market ended moderately higher on Tuesday, in line with markets across Europe, despite the U.S. clamping fresh tariffs on steel and aluminum imports.
The European Union reportedly plans to take proportional countermeasures, with the EU President Ursula Von der Leyen saying, "unjustified tariffs on EU will not go unanswered."
The benchmark SMI closed stronger by 66.32 points or 0.53% at 12,694.16. The index touched a high of 12,707.55.
SGS shares climbed 6.7% on strong results. The company reported net profit of 581 million francs in 2024, up 5.1% over a profit of 553 million france a year ago. Sales rose to 6.79 billion francs in 2024, up from 6.62 billion france in 2023.
Swatch Group and Kuehne + Nagel climbed 3.3% and 2.8%, respectively. Richemont gained 1.76% and Schindler Ps advanced nearly 1.5%.
Novartis closed 1.13% up. The company has agreed to purchase US-based clinical-stage biopharmaceutical company Anthos Therapeutics. Novartis will pay $925 million upfront and potential payments of up to $2.15 billion based on certain regulatory and sales milestones.
Nestle, ABB, Adecco, Julius Baer, Sika, Lonza Group and Alcon gained 0.5 to 1.1%. VAT Group and Zurich Insurance Group also closed on firm note.
Straumann Holding declined 2.3%, and Roche Holding closed lower by 0.8%. SIG Group, UBS Group and Swiss Re closed slightly down.
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