Markets. The Swiss stock market lost 0.55% – Swiss Exchange has limited the damage on Wednesday at the fence, ending down after spending nearly all of the session in the red.
Evoking aversion to investor uncertainty, the XTB online trading analysts said that “the risks to Italian banks and Brexit continue to weigh on international markets. As a result, operators are flocking to safe havens. ”
The news business and macroeconomic remained sparse. In the US, the trade deficit has greatly worsened in May, while activity in the services (ISM) accelerated in June. In the evening, the US Federal Reserve (Fed) will release minutes from its last meeting.
The Swiss stock market lost 0.55%
In detail, the Swiss Market Index (SMI) ended the session on a drop of 0.55% to 7898.21 points, after reaching a high of 7914.44 point shortly after opening and a low of 7845.89 points in the afternoon. SLI fell by 0.99% to 1152.17 points and the SPI dropped 0.66% to 8517.56 points. Apart three titles, 27 other chip stocks surrendered their gains.
Credit Suisse in the red
Dufry (-2.6%) fell into the bottom of the table, followed by Swiss Life insurers (-2.6%), Swiss Re (-2.5%), Zurich Insurance (-2.2%) and Baloise (-2%). The rating agency Fitch affirmed the financial strength rating of “AA-” from the reinsurer. Other cyclical stocks suffered downward pressure, as Lonza (-2.2%) and Lafargeholcim (-2.2%).
Heavily battered, the banking sector has limited its losses: Julius Baer lost 2%, UBS and Credit Suisse 1.9% 1.7%. The title of that happened for the first time under the symbolic 10 francs. Since the beginning of the year, the action of the Swiss banking’s number two lost more than half its value.
In addition, Geberit (-0.5%) and Schindler (-0.3%) also limited their losses. The specialist sanitation restructures its management committee and organization. The manufacturer of elevators and escalators, meanwhile, signed a strategic partnership agreement with GE Digital, a subsidiary of General Electric. The two pharmaceutical heavyweights Roche (-0.4%) and Novartis (-0.1%) also outperformed.
Sika (0.4%), Syngenta (0.3%) and Nestlé (0.2%) have drawn their game. They ended barely in the green, without specific information.
Lifewatch sharply lower
On the broader market, Lifewatch (-12.1%) saw its course crumble. The specialist in telemedicine has suffered a heavy loss in the first quarter and management expects not to end the year in the black.
Also Von Roll (-10%) sold its gains yesterday, where he had jumped 17%. The group announced Tuesday restructuring measures.
As a result among the winners, figure Charles Vögele (5.5%). A Belgian court has acted on the Belgian subsidiary of the home canton of Schwyz mode, which filed for judicial reorganization in an attempt to save the company’s jobs in the country and to give opportunities to find a potential buyer . (ats / nxp)