Swiss Market Fails To Hold Early Gains, Ends Just Slightly Up
(RTTNews) - Despite opening on a firm note, the Switzerland market paring gains and even slipped into negative territory in late afternoon trades on Monday, but managed to end the day's session slightly up.
The benchmark SMI, which advanced to 11,960.44, dropped to a low of 11,849.13 in the final hour, before settling at 11,869.99, gaining 3.14 points or 0.03%.
Novartis gained about 2.1%. The pharma major said that its drug ianalumab met its main goal in two Phase 3 studies in Sjögren's syndrome, a chronic and progressive immune disease. Novartis didn't provide specifics, but said that treatment with ianalumab led to statistically significant improvements in disease activity compared to a placebo in each trial, as measured by a widely used index evaluating symptoms.
The drug was also "well tolerated" and demonstrated "a favorable safety profile," the company said in a statement.
Julius Baer and Swisscom, both gained 1.05%. Swiss Re, Amrize and Swiss Life Holding advanced 0.73%, 0.65% and 0.52%, respectively.
SIG Group closed down 2.43%, and Swatch Group lost 2.1%. Sika, Richemont, Holcim, Kuehne + Nagel, Addeco and Logitech International ended lower by 1 to 1.5%.
Givaudan, ABB, Geberit, Lonza Group, Sandoz Group and Lindt & Spruengli lost 0.5 to 1%.
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