The Switzerland market ended on a weak note on Monday as investors reacted to some corporate news, and largely chose to stay cautious ahead of the Federal Reserve’s monetary policy announcement.
The benchmark SMI, which stayed weak right through the day’s session, settled with a loss of 52.50 points or o.45% at 11,623.63, around 30 points off an early low of 11,593.41.
Logitech International tumbled nearly 7% after the company announced that its Chief Financial Officer Charles “Chuck” Boynton is leaving the company. Logitech announced that it will announce a successor later.
Richemont ended down 2.57%. Sonova, Kuehne & Nagel, Swiss Life Holding, Alcon, Nestle and Roche Holding lost 0.5 to 1%. UBS Group, Geberit and Swisscom also ended weak.
Givaudan climbed about 1.25%. Lonza Group ended higher by 0.84%, while Swiss Re and Partners Group gained 0.75% and 0.7%, respectively. Sika advanced nearly 0.5%.
In the Mid Price Index, Meyer Burget Tech tanked 28%.
Temenos Group lost 4.7% and Baloise Holding drifted down 2.05%. Barry Callebaut, BKW, VAT Group, Swiss Prime Site, Tecan Group, Swatch Group and Helvetia ended lower by 0.8 to 1.5%.
Julius Baer ended down by about 0.7% after the lender said its sees annual growth in adjusted pre-tax profit in excess of 10% over 2023-2025. The company said it expects pre-tax margin of 28 to 31 basis points by 2025, and adjusted cost/income ratio of below 64% by 2025.
ams OSRAM AG ended stronger by 1.54%. Ems Chemie Holding gained about 1.1%, while Galenica Sante and SGS both gained a little over 0.5%.
Swiss Market Ends On Weak Note
2024-03-18 17:54:03
