Swiss Market Pares Early Gains, Ends On Weak Note

The Switzerland stock market ended notably lower on Wednesday, in line with the major markets across Europe, as soaring inflation and fears over a series of aggressive rate hikes by the Federal Reserve weighed on sentiment.

The benchmark SMI, which stayed in positive territory till a little past noon, ended with a loss of 151.30 points or 1.29% at 11,579.14, the day’s low. The index touched a high of 11,783.13.

All the constituents of the SMI index ended in negative territory.

Lonza Group shed about 3.3%. Nestle and Givaudan both lost about 2.65% and Richemont ended 2.4% down.

SGS and Partners Group both shed a little over 2%. Geberit, Holcim, Swisscom and Swiss Re lost 1 to 1.3%.

In the Mid Price Index, Zur Rose tumbled 8.8%, Tecan Group and Sonova ended lower by 6.2% and 6.1%, respectively. Bachem Holding, Straumann Holding, Temenos Group, Barry Callebaut and Swatch Group drifted down 3 to 4.5%.

Clariant, Ems Chemie Holding, Lindt & Spruengli, VAT Group, AMS, Georg Fischer, Schindler Holding and SIG Combibloc also ended notably lower.

Flughafen Zurich gained nearly 1.5%. Baloise Holding, Helvetia and BB Biotech gained 0.5 to 0.85%.