Swiss Market Ends Notably Lower; Credit Suisse Plunges On Results
(RTTNews) - The Switzerland stock market ended notably lower on Thursday as weak quarterly results from Credit Suisse triggered heavy selling at the counter and rendered the mood a bit bearish.
The benchmark SMI ended with a loss of 110.59 points or 1.02% at 10,706.62, slightly off the session's low of 10,702.49. The index stayed in negative territory right through the day's session.
Credit Suisse plunged more than 18% after the lender unveiled restructuring plans, which include a capital rise, jobs cuts, and shifting focus towards its rich clients from investment banking.
The bank reported a loss of about CHF 4 billion, mostly due to a CHF 3.7 billion impairment of deferred tax assets that is related to the revamp.
Sonova and Lonza Group ended lower by 3.5% and 3.25%, respectively. Richemont ended nearly 2% down, while Roche Holding, Sika, Alcon and Geberit lost 1 to 1.6%.
UBS Group, Nestle and ABB ended nearly 1% down.
Swisscom shares rallied 4.85%. Swiss Re gained nearly 1%, while Zurich Insurance Group, Swiss Life Holding and Holcim posted modest gains.
In the Swiss Mid Price Index, Straumann Holding tumbled 6.4%. Tecan Group and Bachem Holding lost 4.85% and 4.25%, respectively.
Clariant, Lindt & Spruengli, VAT Group, Belimo Holding and Kuehne & Nagel also ended sharply lower.
Baloise Holding climbed more than 1%. Helvetia, PSP Swiss Property, Zur Rose, Julius Baer and Dufry gained 0.5 to 0.9%.
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