Swiss Market Ends Modestly Lower

(RTTNews) - The Switzerland market ended weak on Wednesday, in line with markets across Europe, as investors were reluctant to pick up stocks amid uncertainty about the likely timing of interest rate cuts by central banks, including the Federal Reserve.

Data showing an increase in Swiss unemployment rate weighed as well.

The benchmark SMI ended down 34.78 points or 0.31% at 11,210.25, after moving along the flat line for much of the day's trading session.

UBS Group ended lower by about 2.7%, continued to be weighed down by weak quarterly numbers. Lonza Group drifted down 2.41%. Kuehne & Nagel and Logitech International ended down 1.9% and 1.85%, respectively.

Roche Holding ended 1.02% down. Nestle, Swiss Life Holding and Swisscom ended down 0.67 to 0.76%.

Givaudan climbed about 1.8%. ABB, Novartis and Sika gained 0.88%, 0.71%, and 0.63%, respectively.

In the Mid Price Index, ams OSRAM AG lost more than 6%. Clariant, Adecco, Sandoz, Straumann Holding and Avolta lost 1 to 1.25%. SIG Combibloc declined nearly 1%.

Swatch Group gained about 1.7%. BKW, SGS, VAT Group, Georg Fischer, Julius Baer and Lindt & Spruengli gained 0.4 to 0.8%.

On the economic front, data from the State Secretariat for Economic Affairs showed Swiss unemployment rate increased to a non-seasonally adjusted 2.5% in January from 2.3% in the previous month.