Markets

Swiss Market Closes Moderately Lower

(RTTNews) - The Switzerland stock market ended lower on Monday, in line with markets across Europe, as surging coronavirus cases and tougher lockdown restrictions in several places across the world raised concerns about economic recovery.

However, the Swiss market's loss was far less pronounced than in other markets across Europe.

The benchmark SMI ended with a loss of 38.28 points or 0.38% at 9,985.62, after moving between 9,946.93 and 10,029.97 during the session.

LafargeHolcim shed about 3.2%. Swatch Group, Partners Group, Richemont, Swiss Life Holding, Swiss Re, Credit Suisse and Geberit lost 1.7 to 2.5%. SGS and UBS Group ended modestly lower.

Novartis edged down marginally. The drugmaker presented promising interim Phase II data of potential first-in-class oral therapy iptacopan (LNP023) in rare renal disease C3 glomerulopathy (C3G).

Roche Holding and Swisscom posted modest gains, while Lonza Group and Nestle edged up marginally.

In the midcap section, Temenos Group slid more than 5%. Vifor Pharma ended nearly 4% down and Gerog Fischer lost 3.3%.

Adecco, Flughafen Zurich, OC Oerlikon Corp, Sonova, Swiss Prime Site, VAT Group, Dufry, PSP Swiss Property, Helvetia and Clariant declined 2 to 3%.

In coronavirus updates, new restrictions to be announced by the Switzerland government on Wednesday to contain the spread of the infection will likely stay "a long time," according to the country's health minister Alain Berset.

New coronavirus infections hit 17,440 over the weekend, according to reports, doubling from the level seen a week earlier.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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