Swiss Market Fails To Hold Early Gains, Settles Modestly Lower

(RTTNews) - After holding in positive territory till the final hour of the day's trading session, the Switzerland stock market drifted lower to ended on a weak note on Wednesday, amid concerns about inflation and further interest rate hikes.

Data showing a drop in Swiss retail sales in the month of January weighed as well.

The benchmark SMI ended with a loss of 42.27 points or 0.38% at 11,056.08. The index touched a high of 11,141.12 and a low of 11,040.23 in the session.

Credit Suisse ended 3.16% down, and Logitech ended nearly 3% down. Partners Group closed lower by 1.54%, while Alcon, Sika, Geberit and Novartis shed 0.8 to 1%.

Swiss Life Holding climbed 3.57%. Richemont and ABB both gained about 0.65%.

In the Mid Price Index, Belimo Holding tumbled 2.97% and Zur Rose drifted down 2.07%. Lindt & Spruengli ended 1.44% down, while Straumann Holding, Barry Callebaut, Swiss Prime Site and Tecan Group lost 0.6 to 0.72%.

Kuehne & Nagel, and George Fischer climbed 5.1% and 5%, respectively. Adecco, Schindler Ps, Swatch Group, Schindler Holding, Clariant and Temenos Group gained 1 to 1.8%.

Data from the Federal Statistical Office showed Switzerland's retail sales declined for the fourth successive month in January, as sales of both food and non-food items contracted.

Retail sales adjusted for sales days and holidays fell a working-day adjusted 2.2% year-on-year in January, slower than the 3% drop in December.

Sales of food, beverages, and tobacco declined 3.3% yearly in January and those of non-food items decreased 2.3%, the agency said.

Retail sales, excluding service stations, deteriorated by 2.4% in January from a year ago, after a 3.3% fall a month ago.

On a monthly basis, retail sales grew a seasonally adjusted 0.6% at the start of the year. In nominal terms, retail sales advanced 0.7% and by 1.2% monthly in January.