Swiss Market Ends Slightly Weak
(RTTNews) - After a positive start and a drop around noon, the Switzerland market emerged higher in early afternoon on Wednesday but fell again before paring losses and eventually ending the day's session slightly weak.
Hotter than expected U.S. consumer price inflation data raised concerns the Federal Reserve will hold interest rates higher for a longer period rendered the mood cautious.
The benchmark SMI ended with a marginal loss of 10.83 points or 0.09% at 11,495.21. The index, which advanced to 11,tt9.63 at the start, touched a low of 11,404.39 in the session.
UBS Group shares drifted down 2.73%. Geberit and Lonza Group ended lower by 2.04% and 1.76%, respectively. Kuehne & Nagel, Sonova and Sika lost 0.6 to 0.8%.
Givaudan gained about 1.4%. Roche Holding climbed 1.17% after it received CE Mark approval for the VENTANA HER2 (4B5) Rabbit Monoclonal Primary Antibody RxDx.
ABB ended 1.12% up. Zurich Insurance Group, Partners Group and Swiss Re gained 0.91%, 0.55% and 0.42%, respectively.
Among the stocks in the Mid Price Index, Meyer Burger Tech ended 4.29% down. ams OSRAM AG and Tecan Group dropped by 2.85% and 2.3%, respectively.
Sandoz, Julius Baer, Straumann Holding, Swiss Prime Site, BKW, PSP Swiss Property and Temenos Group lost 1 to 2%.
Barry Callebaut soared 11% as a 0.7% increase in first-half sales volumes helped ease fears that higher cocoa prices and inflationary pressures might impact demand.
VAT Group gained about 1.3%. Lindt & Spruengli and Belimo Holding ended higher by about 0.9% and 0.5%, respectively.
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