Swiss stocks closed weak on Tuesday after languishing in negative territory right through the day’s session, tracking the trend in European markets. Uncertainty about the outlook for Fed and ECB interest rates weighed on the market.
The benchmark SMI ended down 38.59 points or 0.32% at 12,011.02. The index touched a low of 11,920.09 and a high of 12,015.14.
Swiss Re ended down nearly 4%. Logitech International ended lower by nearly 2.5%. Logitech announced that the company’s Chairperson Wendy Becker will not stand for reelection at the firm’s 2025 annual general meeting.
Holcim drifted down 1.83%, while Swiss Life Holding, Zurich Insurance Group and ABB lost 1.34%, 1.24%, and 1.19%, respectively.
Roche Holding, SGS, Swisscom, Sonova and Lonza Group ended modestly lower.
Givaudan ended slightly weak. The company said it has completed the acquisition of the remaining 75% it did not own in Italian makeup and skincare company b.kolormakeup & skincare, as part of plans to expand its presence in the beauty sector.
Partners Group rallied 2%. SIG Group and Straumann Holding gained 1.32% and 1.2%, respectively. Kuehne & Nagel and VAT Group gained nearly 1%. Nestle ended 0.7% up.
Swiss Market Ends On Weak Note
2024-07-02 17:17:57
