Swiss Market Ends Sharply Lower On Weak Global Cues
2024-11-07
4763
(fxcue news) - The Switzerland market ended sharply lower on Tuesday as stocks reeled under selling pressure right through the day's session on weak global cues amid concerns about the possible impact of Donald Trump's protectionist policies.
The benchmark SMI closed down 190.70 points or 1.6% at 11,712.09, slightly off the day's low of 11,697.50.
Alcon closed down 5.65%. SIG Group ended lower by 4.41%, while Adecco, Richemont and Swatch Group lost 3 to 3.3%.
Holcim, Straumann Holding, Sika, ABB, Julius Baer and Sandoz Group lost 2 to 3%. Sonova and Swiss Life Holding closed nearly 2% down.
Logitech International, Partners Group, Schindler Ps, Givaudan, Swiss Re, Zurich Insurance Group, SGS, Swisscom and UBS Group drifted down 1.5 to 2%.
Nestle, Lindt & Spruengli, Kuehne + Nagel, Roche Holding and VAT Group ended lower by 1 to 1.3%.
Lonza Group bucked the trend and closed higher by a little over 1%. The company said that it will expand its bioconjugation capabilities at its Visp facility by adding two mutipurpose manufacturing suites.
Temenos Group shares moved up more than 4% after the company laid out new mid-term targets for 2028 as part of its new strategy. The company expects to reach an annual recurring organic revenue of more than $1.3 billion.
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