Swiss Market Ends Notably Lower

(RTTNews) - The Switzerland stock market ended notably lower on Monday, bucking the largely positive trend in most of the markets across Europe.

After a flat start, the benchmark SMI tumbled into the red and stayed weak right through the day's session due to sustained selling at several counters.

The SMI ended with a loss of 127.56 points or 1.15% at 10,999.59.

Roche Holding shares ended 4% down after the pharmaceutical company's much-awaited drug for Alzheimer's disease failed two long-awaited trials.

Sika drifted down 4.4%. Lonza Group and Partners Group lost 2.7% and 2.5%, respectively. Geberit ended lower by 1.81%.

Sonova, Logitech and Richemont closed down 1.43%, 1.32% and 1.14%, respectively.

Swisscom climbed 1.3% and Swiss Life Holding surged nearly 1%. Zurich Insurance Group, Swiss Re, ABB and Credit Suisse gained 0.4 to 0.7%.

In the Mid Price Index, VAT Group shares dropped 6.25%. Straumann Holding declined 4.4% and Barry Callebaut ended lower by 2.2%.

Georg Fischer, Bachem Holding, PSP Swiss Property, Kuehne & Nagel, Adecco and Temenos Group also ended notably lower.

AMS ended stronger by about 3.7%. Schindler Holding gained 1.12%, while Zur Rose, Helvetia and Dufry gained 0.8 to 1%.

Data released by the Federal Statistical Office showed Switzerland's producer and import price inflation eased for the fourth successive month in October to the lowest level in just over a year.

Producer and import prices rose 4.9% year-on-year in October, slower than the 5.4% increase in September, the data showed.

The producer price index climbed 3.4% annually in October, and import prices registered a sharp increase of 7.7%.

On a monthly basis, producer and import prices showed no variations in October, following a 0.2% gain in the prior month.

Data released earlier this month showed that consumer price inflation also eased to 3% in October from 3.3% in September.