ZURICH (Dow Jones) — The stock market in Switzerland ended Monday lighter. This ended the two-day winning streak from the previous week and the market resumed its overall downward movement. It is currently not the time for risky investments, participants said. With the various interest rate hikes in the past two weeks, concerns about a weakening global economy increased. For example, the Ifo index in Germany was weaker than expected on Monday. The short-lived uprising of the Wagner mercenaries in Russia had no effect on the stock market.
The SMI lost 0.7 percent to 11,142 points. In the 20 SMI stocks, there were 14 price losers and 6 price winners. 16.62 (previously: 14.28) million shares were traded.
Pressure came from the three index heavyweights, led by Novartis, which fell 2 percent. Profits may have been taken here; the stock is up double digits since the beginning of the year, while the SMI has gained only 4 percent. Roche became cheaper by 1.3 percent and Nestle by 0.7 percent.
Some cyclicals fared better. ABB gained 0.2 percent and Geberit 0.3 percent. In luxury goods stocks, Richemont advanced 0.8 percent and Swatch 0.1 percent.
Among the weakest stocks was Lonza, which was down 1.5 percent. The group is building a plant for cell therapies against diabetes with its US partner Vertex. In contrast, Sika increased by 1.2 percent.
Leonteq plummeted 5.6 percent. The specialist for structured investment products surprised with a profit warning.
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(END) Dow Jones Newswires
June 26, 2023 12:20 PM ET (16:20 GMT)
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