Swiss Market Ends Roughly Flat
(RTTNews) - The Switzerland market shrugged off early weakness and moved up into positive territory Tuesday afternoon, but turned weak in the final hour and eventually ended the day's session with a very small gain.
Investors digested the nation's inflation data, and looked ahead to the European Central Bank's monetary policy announcement, and U.S. jobs data, due later in the week.
The benchmark SMI ended up by 1.90 points or 0.02% at 12,008.94. The index, which dropped to 11,967.50 around mid morning, hit a high of 12,064.99 around mid afternoon.
Lonza Group and Roche Holding gained 1.55% and 1.41%, respectively. Nestle, Givaudan, Sonova, VAT Group and Kuehne & Nagel ended higher by 0.7 to 1.2%. Swisscom and Lindt & Spruengli posted modest gains.
UBS Group drifted down 2.25% and SIG Group lost 2.17%. Swiss Re ended lower by 1.76%, while ABB and Julius Baer lost 1.33% and 1.17%, respectively.
ams OSRAM AG ended down 3.8%. Temenos Group lost about 3.1% and Clariant ended lower b y 2.4%. Belimo Holding and Adecco also ended sharply lower.
Data from the Federal Statistical Office showed Switzerland's consumer prices posted a steady increase in May, rising by 1.4% in the month on yearly basis, the same rate in April.
On a monthly basis, consumer prices advanced 0.3% due to several factors including rising prices for housing rentals and for international package holidays.
Core consumer prices gained 0.2% on month, taking the annual inflation to 1.2% in May.
The Swiss National Bank expects overall consumer prices to gain 1.4% this year and 1.2% in 2025.
At the quarterly March meeting, the SNB had lowered its policy rate by a quarter point to 1.5% as the fight against inflation over the last two and a half years had been effective.
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