The Switzerland stock market closed weak on Wednesday, in line with the trend seen across Europe. Data showing a sharp drop in Swiss investor sentiment in October weighed as well.
Pharmaceuticals and financial shares were among the prominent losers.
The benchmark SMI, which stayed in negative territory right through the session, ended with a loss of 59.07 points or 0.49% at 12,087.45. The index touched a low of 12,075.87.
Novartis and Logitech shed 2.4% and 2.3%, respectively. Swisscom and Alcon both ended lower by about 1.3%, Credit Suisse shed 1% and Roche Holding ended nearly 1% down.
Swiss Re advanced 1.25%, while Givaudan, ABB and Nestle gained 0.4 to 0.65%.
In the Mid Price Index, Vifor Pharma plunged 5.45%. BB Biotech shed 2.8%, while Logitech, Cembra Money Bank, Adecco, OC Oerlikon Corp, AMS and Galenica Sante ended lower by 1.8 to 2.25%.
Temenos Group shares climbed 8.3% on reports private equity players EQT AB and Thoma Bravo are exploring potential bids for the Swiss banking software specialist. According to reports, the firms are in the early stages of considering offers for the Swiss company, which commands a market value of about 9.8 billion francs.
VAT Group, PSP Swiss Property, SIG Combibloc, Kuehne & Nagel, Swiss Prime Site and Georg Fischer gained 0.7 to 1.1%.
In economic news, according to a report from Credit Suisse & CFA Society Switzerland, the Swiss investor sentiment index declined by 10.1 points from the previous month to 15.6 in October, following Swiss analysts forecasting a less dynamic economic recovery for the winter, along with higher long term interest rates and inflationary pressure.
Further, the assessment of the economic situation decreased to 50 from 51.3 in September.
Market Analysis
Swiss Market Ends On Weak Note
2021-10-27 17:16:29
