Home Business The Swiss market ends significantly lower on weak global signals

The Swiss market ends significantly lower on weak global signals

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The Swiss stock market ended very weakly on Friday after sitting in the red during the day as concerns about slowing growth, rising interest rates and the impact of the ongoing war in Ukraine and sanctions against Russia led to a bearish mood.

The SMI ended with a loss of 146.85 points or 1.24% to 11,730.42, almost 60 points from a low of 11,671.48 per day.

Givaudan and Sika ended lower by about 4.75%. Geberit and SGS lost about 3.7%. Lonza Group and Richemont lost 2.8% and 2.5% respectively.

ABB, Alcon, Logitech, Swiss Life Holding, Nestle and Credit Suisse also ended much lower, while Swiss Re and Swisscom rose 0.55% and 0.4% respectively.

Among stocks in the Swiss average price index, Bachem Holding fell 5.6%. BB Biotech ended the fall by almost 5%, while Kuehne & Nagel, VAT Group, Ems Chemie Holding, AMS, Flughafen Zurich, Straumann Holding and Tecan Group lost 2 to 3.7%.

Lindt & Spruengli, Dufry, Adecco, Georg Fischer, Barry Callebaut, Clariant and Sonova also ended significantly lower.

Temenos Group has risen by about 4%. Zur Rose grew 1.8%, while Galenica Sante and PSP Swiss Property grew 0.9% and 0.65% respectively.

Data published by the Secretariat of State for Economic Affairs, or SECO, shows that the unemployment rate in Switzerland in April remained unchanged at 2.2%, seasonally adjusted, as in March. This was in line with the forecasts of economists.

On an unadjusted basis, the unemployment rate fell slightly to 2.3% in April from 2.4% in the previous month.

The number of registered unemployed in April fell by 5,109 to 104,391 from 109,500 in the previous month.

The unemployment rate among young people aged 15 to 24 in April fell to 1.6% from 1.8% in the previous month.

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