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Swiss Market Ends Notably Lower
(RTTNews) - The Switzerland stock market opened slightly up on Monday, but soon dropped into negative territory and then spent the rest of the day's session in the red.
Worries about economic slowdown amid tighter monetary policies from central banks weighed on the market.
The benchmark SMI ended with a loss of 133.99 points or 1.21% at 10,976.20, near the day's low.
Richemont shares plunged 10.4% after its sales figures showed a slowdown in U.S. demand. Richemont chief financial officer Burkhart Grund reportedly told anaylsts that there was no change to the full-year outlook for the group.
He is also reported to have said US sales had already started to pick up in June after slumping in May, but they were "not out of the woods yet," and sounded a note of caution on the 2024 US elections, which tended to have a damping effect on luxury demand.
Givaudan, Sonova, Partners Group, Geberit, Roche Holding and Kuehne & Nagel lost 1 to 2%.
Alcon ended nearly 1% down. Holcim, ABB, Lonza Group and Nestle lost 0.4 to 0.8%, while Sika and Logitech both gained about 0.65%. Swiss Re, UBS Group and Swisscom posted modest gains.
In the Mid Price Index, Belimo Holding, Straumann Holding and Swatch Group lost 4.2%, 3.1% and 2.5%, respectively.
Georg Fischer, Lindt & Spruengli, PSP Swiss Property, Clariant and SGS ended lower by 0.8 to 1.6%.
Adecco climbed 1.6%. Bachem Holding, Temenos Group, Meyer Burger Tech and DocMorris gained 0.3 to 0.7%.
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