Swiss Market Ends Moderately Lower
(RTTNews) - The Switzerland market ended on a weak note on Friday, in line with markets across Europe, as concerns about the conflict in the Middle East continued to force investors away from riskier assets.
A lack of positive progress in U.S.-Iran peace talks and worries about inflation and growth amid a surge in crude oil prices rendered the mood weak.
The benchmark SMI, which stayed weak right through the day's session, settled with a loss of 71.70 points or 0.57% at 12,570.26.
VAT Group ended down by 4.2%. Swisscom and Logitech International closed lower by 3.9% and 3.5%, respectively. Kuehne + Nagel drifted down 2.6% and ABB settled 2.3% down.
Straumann Holding, Holcim, Amrize, SGS, Alcon, Julius Baer, Sika, Galderma Group and Richemont lost 1%-2%. Geberit, Parterns Group and UBS also closed weak.
Novartis announced that it has agreed to acquire Excellergy, Inc., a privately held biotech company developing next-generation anti-IgE therapies for allergic diseases. The Novartis stock closed lower by about 0.3%.
Swiss Re, Lindt & Spruengli, Givaudan and Nestle posted modest gains.
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