Swiss Market Ends Weak
(RTTNews) - Despite a positive spell early on in the session on Tuesday, the Switzerland market turned a bit sluggish and then drifted down to eventually close modestly lower, as some disappointing earnings news weighed on sentiment.
Investors also eyed U.S. Presidential election and upcoming policy announcements from the Federal Reserve and the Bank of England.
The benchmark SMI ended down 30.93 points or 0.26% at 11,866.01. The index touched a low of 11,839.35 and a high of 11,924.70 intraday.
Adecco closed nearly 6% down. The human resource solutions provider reported income before taxes of 137 million euros for the third quarter, lower than 162 million euros in the same quarter a year ago, primarily impacted by decrease in revenue.
Net income declined to 99 million euros or 0.59 euros per share from 103 million euros or 0.62 euros per share last year. Operating income decreased 12% to 162 million euros from 184 million euros a year ago.
Swatch Group ended down 2.5%. Novartis, Roche Holding, Kuehne + Nagel, Givaudan, Nestle, Sandoz Group and Swisscom lost 1 to 1.7%.
ABB climbed 2.51%. UBS Group gained 1.86%, and Holcim closed up 1.64%. Swiss Re ended higher by 1.59% after agreeing to sell its iptiQ division's European property and casualty business to Allianz Direct as part of plans to withdraw from iptiQ. The deal is anticipated to close in the second or third quarter of 2025.
Sonova, Partners Group, SIG Group, Zurich Insurance and Alcon closed higher by 0.8 to 1.3%. VAT Group and Logitech International posted modest gains.
Data from the State Secretariat for Economic Affairs said the Swiss unemployment rate stood at a non-seasonally adjusted 2.5% in October, unchanged from the prior month.
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