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Swiss Market Ends Slightly Weak
(RTTNews) - After swinging between gains and losses in somewhat lackluster trade, the Switzerland market closed marginally down on Thursday as investors awaited fresh news on the trade front, while digesting some crucial economic data from the region.
Stronger than expected U.S. non-farm payroll employment data and slightly encouraging Eurozone business activity report helped limit market's downside.
The benchmark SMI ended down 13.88 points or 0.12% at 11,978.36. The index touched a high of 12,039.14 and a low of 11,945.97 in the session.
Swiss Re gained nearly 2%. Zurich Insurance climbed about 1.7%, while SGS and Swiss Life Holding closed higher by 1.3% and 1.2%, respectively.
Partners Group, ABB, Adecco, UBS Group, Nestle and Amrize ended with moderate gains.
Sika ended down 2%. Novartis and Alcon, both closed lower by about 1.65%. Straumann Holding, Roche Holding, Lindt & Spruengli, Swatch Group and Kuehne + Nagel also ended weak.
Data from the Federal Statistical Office showed Switzerland's consumer prices rebounded unexpectedly in June after decreasing for the first time in more than four years in May.
The consumer price index rose 0.1% annually in June, reversing a 0.1% decrease in May. Meanwhile, economists had expected a stable decrease of 0.1%.
Excluding food and energy, core inflation rose slightly to 0.6% from 0.5% a month ago.
Month-on-month, consumer prices moved up 0.2% versus a 0.1% increase in May.
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