Swiss Market Ends Slightly Weak

The Switzerland stock market recovered after a mild early setback Thursday morning, and despite holding in positive territory for a long time thereafter, slipped in the final minutes to end the session with a marginal loss.

Profit taking after recent gains contributed to the slightly lower close. Investors also reacted to data showing the country’s exports grew at a softer pace in the month of April.

The benchmark SMI, which hit a fresh record high at 11,408.61, ended the day at 11,340.27, down 8.47 points or 0.07%.

Swiss Life Holding, UBS Group and Credit Suisse gained 1.7 to 2.1%. ABB, Swiss Re, Richemont, Holcim, SGS and Geberit advanced 0.6 to 1.3%.

Alcon shares shed 1.6% and Nestle lost 1.05%. Lonza Group, Givaudan, Swatch Group and Novartis ended lower by 0.5 to 0.8%.

Among the stocks in the Swiss Mid Price Index, AMS climbed 3.4%, Schindler Holding gained 2.8%, Logitech, Baloise Holding, OC Oerlikon Corp and Julius Baer moved up 2 to 2.5%, while Georg Fischer, Schindler Ps, Ems Chemie Holding and Vifor Pharma gained 1.3 to 1.75%.

Lindt & Spruengli, Flughafen Zurich, Temenos Group, Galenica Sante, SIG Combibloc and Tecan Group lost 1 to 1.4%.

Data from the Federal Customs Administration showed Switzerland’s exports increased by a real 0.1% month-on-month in April, after a 5.1% growth in March. Imports rose 2.2% monthly in April, after a 3.7% increase in the previous month.

In nominal terms, exports remained unchanged in April and imports increased 3.5%.

The trade surplus decreased to CHF 3.291 billion in April from CHF 3.873 billion in March. According to the Federation of the Swiss Watch Industry, watch exports rose 2% percent year-on-year in April.