Swiss Market Ends Lower On Weak Data
(RTTNews) - The Switzerland stock market ended on a weak note on Monday, in line with markets across Europe, amid rising fears of a recession after gas prices soared over 30% following Russia's decision to extend a halt on gas flows through a major pipeline to Europe.
Investors also reacted to data showing a slowdown in Swiss economic growth in the April-June quarter.
The benchmark SMI ended with a loss of 72.17 points or 0.66% at 10,819.54. The index touched a low of 10,891.71 earlier in the day.
Credit Suisse ended 3.1% down. Holcim, Logitech, Sika, Geberit, ABB and Lonza Group shed 2 to 3%.
Richemont, Swiss Life Holding, Givaudan, UBS Group and Swisscom lost 1 to 1.49%.
Zurich Insurance Group ended nearly 1% down. The company announced that it intends to exercise its option to redeem 450 million pounds ($515.93 million) of subordinated debt.
Novartis and Roche Holding closed higher by about 0.5% and 0.2%, respectively.
Among the stocks in the Mid Price Index, Bachem Holding fell nearly 7%. Ems Chemie Holding and Kuehne Nagel drifted down 3.56% and 3.3%, respectively.
SIG Combibloc, AMS, Clariant, Georg Fischer, Julius Baer, Schindler Ps, BB Biotech and Schindler Holding lost 2 to 3%.
Zur Rose surged 3.86%. Galenica Sante edged up marginally, while Cembra Money Bank closed flat.
Data from the State Secretariat for Economic Affairs, or SECO, showed gross domestic product advanced 0.3% sequentially in the June quarter, following a 0.5% rise in the first quarter. That was also below the 0.4% rise expected by economists.
On a yearly basis, GDP growth eased to 2.8% in the June quarter from 4.7% in the first quarter. The rate was forecast to slow to 3%.
