Swiss Market Ends On Weak Note
(RTTNews) - The Switzerland market ended weak on Tuesday, bucking the positive trend seen across Europe, with investors largely making cautious moves.
The benchmark SMI, which slipped into negative territory after staying higher for a few minutes, stayed weak right till the end of the session, and ended with a loss of 29.44 points or 0.26% at 11,245.03.
UBS Group ended down 4.44%. The lender reported a net loss of $279 million for the fourth-quarter, marking its second consecutive quarterly loss caused by costs of integrating collapsed rival Credit Suisse.
UBS reported operating profit before tax of $592 million, below the consensus of $762 million.
Nestle ended lower by 0.67%. Novartis, Partners Group and Zurich Insurance Group dropped 0.2 to 0.3%.
Swiss Re advanced 2.15%. Alcon and Logitech International gained 1.61% and 1.5%, respectively. ABB, Geberit, Lonza Group and Holcim ended higher by about 0.7%. Givaudan gained 0.42%.
In the Mid Price Index, Julius Baer dropped nearly 5%. Meyer Burger Tech ended down 4%, while BKW, Sandoz and Helvetia closed lower by 2.27%, 1.79% and 1.35%, respectively.
Avolta rallied 3.18% and Flughafen Zurich gained 2.58%. Georg Fischer, Schindler Holding and SGS ended higher by 1.44%, 1.37% and 1.19%, respectively. Schindler Ps, Galenica Sante and Straumann Holding closed moderately higher.
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