Swiss Stocks Slide On Novartis Experimental Drug Setback
(RTTNews) - Save for a few minutes at the start, the Switzerland market languished in negative territory on Tuesday, due largely to heavy selling at the drugmaker Novartis counter.
The benchmark SMI ended with a loss of 221.77 points or 1.55% at 14,057.61. The index, which edged up to 14,342.71 at the open, dropped to a low of 14,035.88 in the session.
Novartis tanked nearly 11%. The counter clocked a volume of over 10.4 million shares today. The stock tumbled after the company said that its experimental drug for a muscle-wasting disorder failed a late-stage study, the second major trial setback in days.
Amrize dropped 2.6% and Alcon drifted down 2%. Swiss Re and Logitech International both ended lower by about 1.55%.
Zurich Insurance Group, Swiss Life Holding, Richemont, Lonza Group, Kuehne + Nagel and Helvetia Baloise Holding lost 0.5%-1%.
Galderma Group, ABB, Swisscom, Lindt & Spruengli and Nestle gained 2%-2.75%.
SGS moved up 1.8%, while UBS Group and Julius Baer gained about 1.5% and 1.15%, respectively. Geberit, Partners Group and Straumann Holding posted moderate gains.
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