BRUSSELS (dpa-AFX) - After a steady start and a subsequent long spell in positive territory, the Switzerland stock market faltered in the final hour and ended modestly lower on Thursday.
Worries about surging new cases of coronavirus infections in the U.S. and several other countries in Europe and Asia offset hopes of economic recovery, contributing to the negative mood in European and U.S. markets today.
The benchmark SMI climbed to a high of 10,265.83 around mid afternoon, but started sliding down gradually to eventually fell into the red. The index ended the day with a loss of 35.03 points or 0.34% at 10,143.38, after touching a low of 10,117.65.
On Wednesday, the index ended with a loss of 0.29%, after finishing lower by 0.44% a day earlier.
Credit Suisse declined 1.8% and Swiss Re shed about 1.6%. LafargeHolcim, Alcon and Swiss Life Holding lost 1.1 to 1.3%.
Adecco, ABB, Zurich Insurance Group, UBS Group and Novartis shed 0.8 to 1%, while Givaudan and Roche Holding gained 1.05% and 0.7%, respectively.
The European Commission has struck deals with drugmakers Roche and Merck KGaA to secure supplies of experimental treatments for COVID-19, according to a report in Reuters on Wednesday. The deals cover Roche's arthritis drug RoActemra and Merck's multiple sclerosis drug Rebif - both seen as potential COVID-19 therapies.
In the midcap section, Dufry, PSP Swiss Property, Julius Baer, Flughafen Zurich and Helvetia lost 1.4 to 2%. Bucher Industries, Swiss Prime Site, Baloise Holding, Vifor Pharma, OC Oerlikon Corp and Sunrise Communications ended lower by 1 to 1.2%.
On the other hand, VAT Group moved up more than 2%. Barry Callebaut gained 1.5% after the company said its sales volumes improved in June. The company has raised its mid-term guidance for the three-year period starting in September as it hopes to shrug off the COVID-19 hit it took in the three months to May.
Temenos Group ended 1.35% up. Sonova, AMS, Logitech and Straumann Holding also closed notably higher.
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