Swiss Market Ends Marginally Down
2024-09-30
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(fxcue news) - The Switzerland market ended marginally down on Friday after moving in a tight band. The market did manage to emerge above the flat line a few times during the day's session, but failed to find enough support to stay positive. Data showing an increase in the nation's unemployment rate hurt a bit.
Upbeat U.S. jobs data helped limit the market's downside.
The benchmark SMI, which moved between a close range, ended with a loss of 15.23 points or 0.13% at 11,997.09. The index touched a low of 11,958.56 and a high of 12,030.88 in the session.
SGS ended down 1.76% and Givaudan closed lower by 1.58%. Lonza Group, Geberit, Alcon and Roche Holding lost 1 to 1.39%.
Sika, Schindler Ps, VAT Group, Swisscom and Nestle ended modestly lower.
Swatch Group rallied about 2.75%. SIG Group gained nearly 2% and Sandos Group climbed 1.69%. Zurich Insurance, Julius Baer, Holcim, UBS Group, Lindt & Spruengli, Swiss Re, Straumann Holding and Kuehne + Nagel gained 0.6 to 1%.
Data from the State Secretariat for Economic Affairs said the Swiss unemployment rate edged up to a non-seasonally adjusted 2.5% in September, compared to market forecasts and August's rate of 2.4%. Adjusted for seasonal factors, the jobless rate stood at 2.6% in September.
Meanwhile, the youth unemployment rate, measuring job-seekers between 15 to 24 years old, remained steady at 2.7% in September.
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