The Swiss market ends sharply lower


(RTTNews) – The Swiss stock market ended sharply lower on Monday, in line with European markets, as concerns over slowing growth and a resurgence of Covid cases in China led to widespread selling.

The benchmark SMI, which remained in the red throughout the session, ended with a loss of 173.35 points or 1.41% at 12,084.98. The index hit a low of 12,029.55 a few minutes after the opening bell.

Richemont fell more than 6% and Partners Group ended down 5.6%. Lonza Group, ABB, Swiss Re, Credit Suisse and Sika ended down 3-4.5%.

UBS Group and Swiss Life Holding both lost around 3.7%. Zurich Insurance Group fell 2.3%. Alcon lost 1.7%.

Roche Holding ended down 1.2% despite the company reporting a better-than-expected 10% sales increase in the first quarter due to strong demand for COVID-19 antigen tests.

Holcim rose 1.51%. Givaudan and Nestlé gained 0.78% and 0.72% respectively.

In the average price index, Cembra Money Bank lost around 6%. Swatch Group ended down 4.4%, while Helvetia, Staumann Holding, Tecan Group, Bachem Holding and Baloise Holding lost 3-3.7%.

Julius Baer, ​​Temenos Group, Dufry, Clariant, Georg Fischer and AMS also ended sharply lower.

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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