Swiss Market Ends Moderately Lower

The Switzerland market ended on a weak note on Wednesday, in line with markets across Europe, amid rising bets the central banks may not cut interest rates for now after data showed an acceleration in inflation in several major countries across Europe.

The benchmark SMI ended with a loss of 81.09 points or 0.72% at 11,148.56, the day’s high.

Geberit ended nearly 5% down. Lonza Group, Swiss Life Holding and Richemont lost 2.4 to 3%.

Sika, Zurich Insurance Group, Alcon, Givaudan and Roche Holding also ended notably lower.

Novartis gained nearly 1%. Sonova and Kuehne & Nagel ended higher by 0.65% and 0.24%, respectively.

In the Mid Price Index, Meyer Burger Tech plunged nearly 32% after the solar panel equipment maker said it is preparing to close its solar panel module production site in Germany.

ams OSRAM AG lost about 5.5%, and Adecco ended 4.8% down. Julius Baer and Flughafen Zurich ended lower by 3.1% and 2.7%, respectively. Clariant, Tecan Group, Ems Chemie Holding, Temeons Group and Georg Fischer lost 1.4 to 2%.

Straumann Holding and Baloise Holding advanced 1.2% and 1.1%, respectively. Sandoz climbed about 0.7%.

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