Swiss Market Turns Weak In The Final Hour, Ends Marginally Down
(RTTNews) - After staying positive till the penultimate hour of the day's session, the Switzerland market faced some resistance and eventually closed on a weak note on Tuesday.
The benchmark SMI, which advanced to 14,053.26 around mid-morning, ended the day with a loss of 30.72 points or 0.22% at 13,912.19, slightly above the day's low.
Julius Baer surged 7.2% after Swiss regulator FINMA concluded a long-running enforcement procedure covering legacy risk-management and anti-money-laundering issues. The stock moved higher despite FINMA saying the lender committed serious breaches of supervisory requirements related to risk management and anti-money-laundering obligations.
VAT Group climbed nearly 4%. Richemont and Galderma Group moved up 2.5% and 2.38%, respectively.
Alcon, ABB, Logitech International, Sonova, Holcim and Givaudan gained 0.6%-1.25%.
Lindt & Spruengli tumled 8.6% after the company cut its sales growth outlook.
Straumann Holding lost 4.4%. Roche and Swiss Re ended lower by 1.7% and 1.6%, respectively. Nestle, Partners Group, Zurich Insurance and Swiss Life Holding lost 0.8%-1%.
In economic news, a measure signaling future turning points in the Swiss economy strengthened further in September to the highest level in five years, results of a survey by the KOF Swiss Economic Institute showed.
The barometer rose to 109.1 in September from a revised 106.7 in August. The reading marks the highest level since September 2021, when it reached 111.5 and stayed noticeably above the medium-term average of 100. Meanwhile, analysts had expected the barometer to decline to 106.0.
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