The Switzerland stock market ended notably lower on Thursday, in line with markets across Europe, as worries about the outlook for global economic growth, and a slew of disappointing earnings reports from major U.S. and European companies rendered the mood bearish.
The benchmark SMI ended down 97.63 points or 0.8% at 12,105.54. The index touched a low of 12,026.63 and a high of 12,138.78 in the session.
Julius Baer tanked 9.05%. The lender eported that its first-half net profit, on IFRS basis, fell 15% to 452 million Swiss francs from last year’s 531.4 million francs. IFRS earnings per share were 2.20 francs, down 15% from last year.
Nestle ended down 5.1% after reporting a net profit of CHF 5.644 billion or CHF 2.16 per share for the first half, compared with CHF 5.649 billion or CHF 2.13 per share in the same period a year ago.
Partners Group, ABB, VAT Group, Logitech International and Richemont lost 1.6 to 2.7%. Sika, SIG Group, UBS Group and Geberit ended lower by 1 to 1.4%.
Swiss Life Holding ended nearly 1% down. Straumann Holding and Holcim also closed notably lower.
Lonza Group rallied more than 7%. For the six-month period to June 30, the company registered a net profit of CHF 329 million or CHF4.61 per share, lower than CHF410 million or CHF5.54 per share, posted for the same period last year.
Core income per share, however, moved up to CHF7.02 from CHF6.89 per share a year ago. Roche Holding climbed nearly 3%. Lindt & Spruengli gained 2.52%, and SGS advanced almost 2%.
Roche GS gained nearly 1.5% and Alcon climbed 1.1%. Novartis and Swisscom posted moderate gains.
Market Analysis
Swiss Market Ends Notably Lower
2024-07-25 17:14:24
