Despite spending much of the day’s session in positive territory, the Switzerland stock market ended on a weak note on Thursday as the mood turned cautious amid concerns about growth due to geopolitical tensions.
The benchmark SMI, which climbed to a high of 12,300.67 in early trades, ended with a loss of 82.20 points or 0.67% at 12,161.53, the day’s low.
SGS drifted down 4.7%. Logitech, Richemont and Credit Suisse lost 2.4 to 2.7%. Alcon ended nearly 2% down. Swisscom closed lower by 1.84%, while Roche Holding and Geberit shed 1.17% and 1.04%, respectively.
Partners Group moved up more than 1%. UBS Group and Sika gained 0.67% and 0.56%, respectively.
Among the stocks in the Swiss Mid Price Index, Temenos Group tumbled more than 6%. Clariant, Kuehne & Nagel, Georg Fischer, Adecco, Lindt & Spruengli, AMS, BB Biotech, Swatch Group and Dufry ended lower by 2 to 3%.
Zur Rose gained about 1.5%. Sonova advanced 1.23% and Galenica Sante ended higher by 0.78%.
Data from the Statistical Office showed Switzerland’s retail sales increased in February due to lower pandemic-related figures of the previous year.
The data said retail sales in Switzerland surged 12.8% year-on-year in February, accelerating sharply from an upwardly revised 5.7% gain in the previous month. It was the strongest growth in retail sales since last April
Sales of food, beverages and tobacco fell 3.8% yearly in February, while sales of non-food grew 35.2%, the agency said. Retail sales were 4.5% higher when compared to the pre-Covid month of February 2020.
Market Analysis
Swiss Market Pares Early Gains, Ends Moderately Lower
2022-03-31 17:14:15
