The Switzerland stock market started off on a firm note on Thursday, and despite staying firm till more than an hour past noon, gradually pared gains and eventually ended the day’s session just marginally up.
Upbeat earnings update from U.S. chipmaker Nvidia and easing concerns about interest rates contributed to market’s strong start. The mood turned cautious later on in the session with investors looking ahead to the Jackson Hole Symposium in Wyoming on Friday.
The benchmark SMI, which climbed to 11,054.89 in early trades, ended the day with a small gain of 3.19 points or 0.03% at 10,976.83.
Sika drifted down 2.15%. Logitech shed 1.37%, while Roche Holding ended nearly 1% down.
Kuehne & Nagel, Holcim, Novartis and Lonza Group lost 0.5 to 0.75%.
UBS Group shares surged nearly 3%. Credit Suisse, now part of UBS Group, said it has dropped its plan for initial public offering of real-estate fund citing low trading volumes for listed Swiss real-estate funds.
Givaudan climbed 1.43%. Nestle advanced nearly 1%. Sonova, Richemont, Swiss Life Holding and Swiss Re posted modest gains.
In the Mid Price Index, AMS ended 2.1% down, and VAT Group lost nearly 2%. Dufry and Temenos Group ended lower by 1.47% and 1.31%, respectively.
Adecco, Georg Fischer, SGS, Schindler Holding and Schindler Ps lost 0.67 to 1%.
DocMorris surged 3.1%. Baloise Holding, Lindt & Spruengli, Clariant, PSP Swiss Property and Helvetia gained 0.9 to 1.6%.
Swiss Market Give Up Early Gains, Settles Flat
2023-08-24 17:41:31
