The Swiss market was unable to sustain its initial gains and closed significantly lower on Friday. This downturn occurred due to increased selling pressure during the afternoon sessions, largely driven by concerns around inflation and uncertainty regarding future interest rate predictions.
The Swiss Market Index (SMI), which had risen to 11,530.34 by mid-morning, ultimately concluded the day's trading at 11,379.58. This marked a loss of 86.16 points or a 0.75% decrease.
Several prominent companies experienced downturns. Zurich Insurance Group's shares declined by 3.77%, Richemont's by 3.03%, and Givaudan's by 2.22%. Other losses included Sika by 1.64% and Geberit by 1.49%. Additionally, Lonza Group, Alcon, Nestle, and Sonova saw declines between 0.7 to 1%, with ABB and Roche Holding also closing weakly.
Nevertheless, certain companies did see modest gains, with Logitech International, Swiss Re, and Kuehne & Nagel, amongst others, increasing their share values by 0.4 to 0.7%.
In the Mid Price Index, the confectionery company Barry Callebaut saw a significant 5.45% decline. Other companies like Avolta, SIG Group, Galenica Sante, ams OSRAM AG, and Swatch Group witnessed losses between 2.4 to 3.6%. More organizations such as Straumann Holding, Belimo Holding, and VAT Group, amongst others, also ended notably lower.
Nonetheless, Sandoz improved by nearly 3%, with BKW and Meyer Burger Tech gaining approximately 1.65% each. Other firms trading positively included PSP Swiss Property, Swiss Prime Site, Helvetia, and Adecco.
