Markets

Swiss Market Ends Notably Lower

(RTTNews) - The Switzerland stock market ended notably lower on Friday amid rising concerns about global economic growth due to the spread of coronavirus pandemic and fears of re-imposition of lockdown measures.

The benchmark SMI ended down 89.44 points or 0.89% at 10,005.90, after scaling a high of 10,199.62 and a low of 9,984.99 intraday.

Richemont, Nestle and Roche Holding shares lost 1.6 to 1.7%. ABB, SGS, Sika, Novartis and Geberit ended lower by 1 to 1.5%. Adecco lost about 0.85%.

Credit Suisse moved up 2.65%. Swiss Re, UBS Group, Givaudan and Lonza Group ended modestly higher.

In the midcap section, BB Biotech tumbed more than 3.5%, Clariant declined nearly 3% and Lindt & Sp Ps lost 2.25%.

Georg Fischer, Flughafen Zurich, Schindler Holding, Schindler Ps, AMS, Lindt & Spruengli, Dorma Kaba Holding, VAT Group, Kuehne & Nagel and Vifor Pharma lost 1 to 2%, while Logitech gained 1.6%.

In economic news, data from the Federal Statistical Office showed Switzerland's retail sales increased in June, rising by a working-day adjusted 1.1% year-on-year in June.

Sales of food, drink and tobacco gained 5.7% yearly in June, and those of non-food sector rose 0.1%. Other household equipment, textiles, DIY and furniture grew 19.7% and sales of information and communication equipment gained 43.8%.

Meanwhile, sales of other goods fell 11.7%. On a monthly basis, seasonally adjusted retail sales decreased 3.8% in June. In nominal terms, retail sales rose 0.4% annually in June and fell 3.6% from a month ago.

Among the other major markets in Europe, the U.K.'s FTSE 100 declined 1.54%, France's CAC 40 tumbled 1.43% and Germany's DAX ended lower by 0.54%. The pan European Stoxx 600 slid 0.89%.

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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