2024-04-30 09:31:22
Zurich (awp) – The Swiss stock market lost ground late on Tuesday morning, in the wake of the publication of a number of company results and following a relatively stable opening. The rarity of winners overcame the fragile balance observed in the first exchanges.
On the economic front, France, Spain, Italy and even Portugal have reported growth in the first three months of the year. Across the eurozone, the economy grew by 0.3% between January and the end of March.
“Although the environment remains quite buoyant for stocks, the simultaneous development of many vectors suggests high volatility in the coming sessions,” notes Pierre Veyret, for Activtrades. The most important monetary policy committee in the Federal Reserve (Fed) also meets until Wednesday evening.
At 10:51, the Swiss Market Index (SMI) was down 0.26% at 11,303.10 points, the Swiss Leaders Index (SLI) was down 0.38% at 1,848.49 points and the Swiss Performance Index (SPI) was down 0.15% at 15 112.66 points.
Logitech (+8.5%) continued its solo flight. The mouse giant maintained profitability in the latter part of its staggered financial year 2023/24, despite falling revenues.
The specialist in substitution medicines Sandoz (+0.9%) has reached an agreement with the American laboratory Amgen, in the context of a patent dispute.
Banking giant UBS (-2.3% or 58 cents) traded ex-dividend at 70 cents.
The bottom red section went to dental implant and surgical instrument maker Straumann (-8.6%), despite revenue rising in the first three months of 2023, above forecasts.
The food packaging manufacturer SIG Group (-2.4%) delivered a lower performance than expected in the 1st quarter.
In the broader market, chemist Clariant (+2.6%) was recovering, despite falling revenues in the first three months of the year.
Conversely, insurance company Baloise (-4.9%) revised its solvency ratio further down from 1 January to 207% compared to 210% in an earlier estimate.
The Neuron laboratory (+14%) claimed new advances in its anti-schizophrenia research. It remains to be seen whether the phenomenon will be more lasting than the last few times.
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