SMI Ends Lower As Logitech Slides On Supply Chain Woes
(RTTNews) - The Switzerland market ended on a weak note on Thursday, underperforming most of its peers in Europe, with investors mostly reacting to earnings updates. Concerns about geopolitical tensions weighed, rendering the mood cautious.
The benchmark SMI, which advanced to 14,535.18 around mid-morning after a weak start, ended the session with a loss of 93.61 points or 0.65% at 14,392.49.
Logitech International tumbled 6.5%, extending previous session's decline after the company's fiscal first-quarter earnings report revealed a serious supply chain disruption. A downward revision in the stock's price target by Barclays weighed as well on the stock today.
Roche and Novartis both closed down by about 2.3%. Lindt & Spruengli, Sonova, Alcon, Schindler Ps, Partners Group, Swisscom and Amrize lost 1.25%-2%.
VAT Group climbed 4%. ABB moved up 3.1%, Holcim gained 2.4% and Galderma Group advanced 2%. Julius Baer and Richemont ended up by 1.7% and 1.5%, respectively. Helvetia Baloise Holding gained nearly 1%.
In economic news, a report from Swiss Economic Institute showed Switzerland's KOF Economic Barometer rose to 103.5 in July from an upwardly revised 102.1 in June, beating market expectations of 101.0 and reaching its highest level since February.
