The Swiss market started the week with a slight dip, narrowly avoiding positive growth by mid-morning on Monday. Unfortunately, the market declined as the day progressed, concluding with a weak performance.
The primary index, the SMI, decreased by 16.12 points or 0.14%, closing at 11,477.80. The index fluctuated throughout the day, reaching a low of 11,424.79 and a high of 11,493.47.
Notable decliners included Kuehne & Nagel, which fell by 2.5%, and Logitech International, which went down by approximately 1.6%. Additionally, Nestle, Richemont, Lonza Group, and Sika experienced losses between 0.4 and 0.6%.
On the brighter side, Holcim and Swisscom made gains of 0.98% and 0.64%, respectively. Swiss Re, ABB, and Roche Holding also experienced slight profit.
Within the Mid Price Index, Meyer Burger Tech took a significant hit, declining by 12.4%. Adecco saw a drop of 2.6%. Furthermore, PSP Swiss Property, Avolta, and Swatch Group saw losses ranging from 0.8 to 1%.
Meanwhile, Belimo Holding, VAT Group, Sandoz, ams OSRAM AG, and Lindt & Spruengli saw increases between 1.3 and 2%. Temenos Group, BKW, Flughafen Zurich, and Schindler Holding also ended the day with gains.
The Federal Statistical Office released data showing that Swiss consumer price inflation had fallen to the lowest level in over two years in February, declining to 1.2%, down from 1.3% in January. Still, this rate was slightly higher than the economists' prediction of 1.1%.
In terms of monthly growth, consumer prices rose by 0.6%, primarily due to an increase in housing rentals and air transport. Core consumer prices rose by 0.7%, bringing the annual growth rate to 1.1%.
Finally, the Swiss National Bank predicts inflation will be 1.9% for the current year and foresees a rate of 1.6% for 2025.
