The Swiss market closed slightly lower on Thursday, marking its third consecutive day of decline. This follows a fluctuating session, prompted by several key economic factors. The recent release of U.S. inflation data has sparked concerns of the Federal Reserve maintaining higher interest rates for an extended period. Meanwhile, the European Central Bank has made no changes to its interest rates.
The SMI, Switzerland's benchmark index, settled with a loss of 29.47 points, a decline of 0.26%, ending at 11,465.74. During the session, it had seen both highs and lows, reaching 11,537.57 at its peak and 11,427.48 at its lowest.
Notably, UBS Group experienced a significant decline, with its shares dropping about 2.5%. Zurich Insurance Group, Swiss Re, and Richemont all faced losses ranging from 1 to 1.25%. Swiss Life Holding also saw a slight decrease, ending nearly 1% down.
Despite achieving higher sales in the first quarter, Givaudan's shares fell by 0.65%. Other companies showing modest declines included ABB, Novartis, and Swisscom.
On a brighter note, Sika's shares climbed 1.13%, while Roche Holding, Sonova, and Lonza Group all benefited from gains between 0.75 and 1%. Further companies posting modest gains included Geberit, Nestle, Partners Group, and Logitech International.
Looking at the Mid Price Index, Meyer Burger Tech ended the day with a significant loss, with shares down more than 8%. Other significant losses were seen by Flughafen Zurich, which tumbled 4.2%, along with Swatch Group, SGS, Tecan Group, and Avolta, closing lower by 1 to 1.5%.
In contrast, Clariant and Sandoz saw impressive gains of 2.82% and 2.59% respectively, while BKW and Temenos Group also fared well with increases of 1.5% and 1.3%. Lastly, Barry Callebaut shares ended the day 0.88% up.
