Swiss Market Ends Moderately Lower

(RTTNews) - The Switzerland stock market ended moderately lower on Tuesday after staying negative right through the day's session.

Concerns about economic slowdown and inflation continued to weigh on sentiment.

The benchmark SMI, which once again moved in a tight range, ended with a loss of 58.38 points or 0.5% at 11,519.87.

Sonova plunged 10.7% after the world's largest hearing aid manufacturer cut its full-year guidance for the current financial year, citing a subdued market environment and continual input cost pressures.

The company is now projecting consolidated sales growth of between 15% and 19%, down from a previous target of 17% to 21%. Full-year adjusted EBITA growth is now expected in the range of 6% to 10%, versus 12% to 18% previously.

Partners Group ended 2.17% down. Swiss Life Holding, Geberit and Givaudan lost 1.45%, 1.31%, and 1.23%, respctively.

Roche Holding, Richemont, Swiss Re and Credit Suisse also closed weak.

Logitech, Alcon, Sika and Holcim ended with modest gains.

Among the stocks in the Mid Price Index, Bachem Holding drifted down 3.56%. Straumann Holding and Adecco lost 2.5% and 2%, respectively.

Belimo Holding, Julius Baer, Kuehne & Nagel, Ems Chemie Holding, Schindler Holding and Tecan Group ended lower by 1.2 to 1.8%.

AMS surged 3.5%. Temenos Group, SIG Combibloc, Dufry and Flughafen Zurich gained 0.5 to 0.9%.