BRUSSELS (dpa-AFX) - The Switzerland stock market ended modestly higher after a cautious session on Monday.
Amid worries about a possible second-wave of coronavirus infections following reopening of businesses in several countries, investors appeared reluctant to make significant moves.
The benchmark SMI ended up 24.36 points, or 0.25%, at 9,689.71. The index, which advanced to 9,726.24 in early trades, slipped to 9,590.74 around mid afternoon before recovering to close modesty higher.
Credit Suisse and Swatch Group lost 2.4% and 2.3%, respectively. LafargeHolcim, UBS Group and Adecco ended lower by 1.3 to 1.4%.
LafargeHolcim said that a deal to sell its Philippines business has failed after the country's competition authority did not give approval in time. The deal was valued at $2.15 billion.
Swiss Life Holding, SGS, Swiss Re and Swisscom shed 0.5 to 0.9%.
Novartis gained 1.3%. According to reports, the company is looking to sell its Austria-based antibiotics business - Der Standard. Meanwhile, Chinese drug regulators have reportedly approved the company's Mayzen to treat relapsing multiple sclerosis in adults.
Roche Holding shares moved up by about 1%. Roche Holding announced that it has hired a Massachusetts Institute of Technology professor as the new head of its U.S. research arm that played a major part in bringing out some of the company's best-selling medicines of the last few decades.
Lonza Group ended up 0.67% and Nestle advanced 0.55%.
In the midcap section, AMS, Dufry and PSP Swiss Property lost 3 to 4%. Flughafen Zurich ended lower by 2.5%, while Baloise Holding and Swiss Prime Site both lost 1.85%.
Reports from China and South Korea about new cases of the virus infection, and data from Germany's public health agency that indicated coronavirus cases in the country are once again on the rise following recent steps to ease lockdown measures have added to concerns about the potential risks involved in hasty reopening of businesses.
Wuhan has reported its first cluster of new Covid-19 cases since lifting its lockdown measures, sparking fears that easing restrictions could give way to a second wave of infections.
Copyright RTT News/dpa-AFX
© 2020 AFX News
