Swiss Market Ends On Weak Note

(RTTNews) - The Switzerland market, which opened flat Tuesday morning and spent much of the day's session in negative territory, ended on a weak note with stocks losing further ground in the final hour as selling gathered momentum.

Data showing a slower-than-expected pace of economic expansion in the third quarter weighed on sentiment.

The benchmark SMI ended with a loss of 84.35 points or 0.76% at 11,077.81, less than a point off the day's low.

Givaudan and Credit Suisse ended lower by about 3.7% and 3.6%, respectively. Lonza Group drifted down 2.8% and Sonova lost about 2%.

Nestle, Sika and Geberit ended nearly 2% down. Partners Group anded 1.4% down, and Roche Holding closed lower by about 1%.

Richemont climbed 2.26%. Swiss Re gained nearly 1%, while UBS Group and Swiss Life Holding ended modestly higher.

In the Mid Price Index, Tecan Group ended more than 6% down. Bachem Holding declined nearly 4% and Straumann Holding shed 3.52%.

Lindt & Spruengli, Clariant, Zur Rose, Baloise Holding and SGS also ended sharply lower.

Schindler Ps, Swatch Group, Schindler Holding and Dufry gained 1 to 1.5%. Julius Baer and Helvetia posted modest gains.

Data released by the State Secretariat for Economic Affairs, Or SECO, showed the Swiss economy registered a sequential growth of 0.2% in the July - September quarter, following a downwardly revised 0.1% growth in the previous quarter.

Economists had forecast the gross domestic product to grow 0.3%, the same as the second quarter's initially estimated expansion.

Compared to the same quarter last year, growth in GDP eased notably to 0.5% from 2.2% in the preceding quarter. Growth was expected to moderate to 1% in the third quarter.

Driven by the spending on housing and energy and leisure and travel, household consumption grew 0.7% despite a relatively high inflation. Nonetheless, the growth rate was slower than the 1.3% rise a quarter ago.

Exports of goods rebounded 7.8% following a 13.5% decrease, the data showed. Meanwhile, growth in exports of services slowed to 2% from 6.6%.

At the same time, imports of goods climbed 3%, reversing a 0.7% drop, and imports of services gained at a faster pace of 7.8% after rising 3.3%.