Swiss Market Fails To Hold Early Gains
2024-09-22
4459
(fxcue news) - Despite spending much of the day's trading session in positive territory, the Switzerland market ended on a weak note on Tuesday as stocks fell on selling pressure in late afternoon trade amid concerns about escalating tensions in the Middle East.
The benchmark SMI ended down 82.21 points or 0.68% at 12,086.66. The index, which touched a high of 12,232.15 about an hour past noon, dropped to a low of 12,060.00 before recovering slightly.
Data from the Federal Statistical Office showed Swiss retail sales increased for the second straight month in August, and at a faster-than-expected pace. Retail sales climbed 3.2% on a yearly basis in August, after a 2.9% strong recovery in July. Sales were expected to rise by 2.6%.
Sales of food, drinks, and tobacco registered an annual growth of 3.2%, and the non-food sector posted a 2.5% gain. Month-on-month, retail sales rose at a slower pace of 0.4% in August versus a 2.2% increase in July.
In nominal terms, retail turnover registered an annual growth of 1.9%, which was the sharpest increase since June 2024. Monthly, sales were up 0.2%.
Logitech International ended down 3.55%. Adecco, Richemont and Roche Holding lost 2 to 2.5%. Lindt & Spruengli ended nearly 2% down.
Swatch Group ended 1.63% down. Kuehne + Nagel and VAT Group both ended down by about 1.4%. Swiss Re, Givaudan, Sonova, Sika, Geberit, SIG Group and Swiss Life Holding also closed weak.
Partners Group gained about 1.25%. Swisscom gained 0.55%, while Lonza Group and Sandoz Group edged up marginally.
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