Swiss Market Ends Weak Again
(RTTNews) - The Switzerland stock market ended modestly lower on Tuesday, after spending the entire session in the red amid cautious moves by investors.
With the focus on the upcoming monetary policy meetings of the European Central Bank, the Federal Reserve and Bank of Japan, investors appeared none too keen on building up positions, and instead, made stock specific moves.
The benchmark SMI ended down 38.89 points, or 0.39%, at 10,020.48.
On Monday, the index settled with a marginal loss of 0.14% at 10,059.37, after scaling a record high of 10,109.29.
Lonza Group shares declined 5.2%. Lonza Group announced on Monday that it has entered into partnership with Citryll to manufacture NETosis Inhibiting Antibody CIT-013. The drug could offer new treatment options for various diseases including lupus, vasculitis, pulmonary fibrosis and organ damage due to sepsis.
According to the agreement, Lonza will supply final drug product in finished format for Citryll's clinical studies.
SGS, Nestle, Novartis and Richemont lost 1 to 1.7%. Swatch Group declined 0.9% and Swisscom shed about 0.5%.
UBS Group rallied 3%. Adecco and Credit Suisse gained 2.4% and 2.3%, respectively. LafargeHolcim, ABB and Zurich Insurance Group also moved up sharply.
Among mid price components, Temenos Group declined 4.4%. Partners Group and Sonovo lost about 4% and 3.6%, respectively.
Schindler Holdings, PSP Swiss Property, Logitech International, Kuehne & Nagel and Straumann Holding also declined sharply.
On the other hand, GAM Holding gained 4.4%. OC Oerlikon Corp, Julius Baer, Baloise Holding, Georg Fischer, Dufry and Clariant also ended on a firm note.
Sunrise Communications gained 2.3%. The company announced today that it is facing calls for its chairman and another board member to be removed. The company is currently fighting to save its planned $6.4 billion takeover of Liberty Global's Swiss assets.
Most of the markets across Europe closed higher on Tuesday, shrugging off early weakness, amid hopes the European Central Bank would step up stimulus to boost economic growth.
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