Swiss Market Edges Lower
(RTTNews) - The Switzerland stock market ended weak on Wednesday with investors largely making stock specific moves, shrugging off a fairly steady trend across Europe.
Lingering concerns about trade tensions weighed on the market.
The benchmark SMI ended down 25.91 points, or 0.27%, at 9,556.31. The index touched a high of 9,581.69 and a low of 9,524.29 in the session.
On Tuesday, the SMI ended up 34.89 points, or 0.37%, at 9,582.22.
Novartis ended lower by about 3%, extending losses from previous session. The stock ended lower for the second successive day following the company spinning off the Alcon eye care devices business through a dividend-in-kind distribution to holders of Novartis shares and ADRs. Each holder of Novartis received one Alcon share for every 5 Novartis shares held on April 8.
Alcon, which rose sharply on Tuesday, ended down 0.7% today. UBS and ABB ended with modest losses.
LafargeHolcim, Lonza Group and SGS ended up 1.5 to 1.7% and Adecco Group gained 1.02%.
Swisscom shares ended 1.4% up after the company unveiled plans for its commercial 5G launch. It detailed strategies for both its network rollout and device availability.
Swisscom CEO Urs Schaeppi said that the company will switch on 5G on getting the concession rights.
Among other major markets in Europe, Germany and France ended on a firm note, with their benchmark indices gaining 0.47% and 0.25%, respectively. The U.K.'s FTSE 100 edged down by 0.05%. The pan European Stoxx 600 ended up 0.26%.