Swiss Market Ends Sharply Lower

(RTTNews) - The Switzerland stock market ended sharply lower on Monday, in line with markets across Europe, as worries about slowing growth, and a resurgence in Covid cases in China resulted in widespread selling.

The benchmark SMI, which stayed in the red right through the session, ended with a loss of 173.35 points or 1.41% at 12,084.98. The index tanked to a low of 12,029.55 within minutes after the opening bell.

Richemont tumbled more than 6% and Partners Group ended 5.6% down. Lonza Group, ABB, Swiss Re, Credit Suisse and Sika ended lower by 3 to 4.5%.

UBS Group and Swiss Life Holding both shed about 3.7%. Zurich Insurance Group declined 2.3%. Alcon drifted down 1.7%.

Roche Holding ended lower by 1.2% despite the company reporting a a better-than-expected 10% increase in sales in the first-quarter on strong demand for antigen COVID-19 tests.

Holcim moved up 1.51%. Givaudan and Nestle gained 0.78% and 0.72%, respectively.

In the Mid Price Index, Cembra Money Bank lost about 6%. Swatch Group ended 4.4% down, while Helvetia, Staumann Holding, Tecan Group, Bachem Holding and Baloise Holding lost 3 to 3.7%.

Julius Baer, Temenos Group, Dufry, Clariant, Georg Fischer and AMS also ended sharply lower.